POST-MARKET SUMMARY 10 October 2023

On October 10, the Indian benchmark indices managed to bounce back from their losses in the previous session, closing nearly 1% higher. This recovery was driven by favorable global developments, particularly the reassuring statements made by US Federal Reserve officials, which alleviated concerns about interest rates. Despite ongoing worries related to the Israel-Hamas conflict, the markets regained strength as both the US Dollar and US Treasury yields saw declines due to increased expectations of a more dovish stance from the Federal Reserve.

NIFTY:  The index opened 53 points higher at 19,565 and made a high of 19,717 before closing at 19,689. Nifty has formed a bullish Opening Marubozu pattern on the daily scale, which indicates bulls' hold over Dalal Street. Its immediate resistance level is now placed at 19,780 while immediate support is at 19,600.

BANK NIFTY: The index opened 141 points higher at 44,027 and closed at 44,360. Bank Nifty has formed a long bullish candlestick with minor upper shadow on the daily scale. Its immediate resistance level is now placed at 44,500 while support is at 44,100.

Stocks in Spotlight

▪  Coal India Ltd:  Stock rose 5% as Nuvama increased the target price of the stock to Rs 389, saying it offered the triple benefits of volume growth, improved e-auction prices, and possible all-time high dividend in H2FY24.

▪  Prakash Industries: Stock rallied over 9% to a 52-week high as renowned investors Mukul Agrawal and Dolly Khanna picked up over a percent stake each in the company.

▪  JSW Steel Ltd:  Stock traded 2% higher after the company reported a 13% YoY growth in consolidated crude steel production at 6.41 MT for the September quarter.

Global News

▪  Stoxx 600 index was up 1.6% in early afternoon trade. Reversing the pattern seen on Monday, sectors were all sharply higher but lagged by oil and gas stocks, which were up 0.35% as crude prices retreated.

▪  Asia-Pacific markets were mixed as investors assessed the market impact of the attack on Israel by Palestinian militant group Hamas.

▪  Gold prices continued to rise on Tuesday, a day after posting sharp gains on increased market uncertainty due to conflict in the Middle East, as dovish remarks from top US Federal Reserve officials weighed on the dollar and bond yields.

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