POST-MARKET SUMMARY 11 December 2023

On December 11, in a session marked by volatility, Indian equity benchmarks reached new milestones, as the Sensex crossed the 70,000 mark for the first time, and the Nifty surged to a record high of 21,026.10. The rally was driven by extensive buying activity across various sectors, barring pharma. PSU banks, FMCG, capital goods, power, metal, and realty witnessed gains of 0.5-1%, while pharma slipped 0.4%. 

NIFTY:  The index opened flat at 20,965 and made a high of 21,026 before closing at 20,997. Nifty has formed a small-bodied bullish candlestick pattern with upper and lower shadows on daily scale. Its immediate resistance level is now placed at 21,025 while immediate support is at 20,900. 

BANK NIFTY: The index opened 29 points higher at 47,233 and closed at 47,314. Bank Nifty formed small bodied bullish candlestick pattern with a long upper shadow which resembles the Shooting Star kind of candlestick pattern on the daily charts. Its immediate resistance level is now placed at 47,600 while support is at 47,150.

Stocks in Spotlight 

▪  Tata Power:  Stock surged 2.9% after its subsidiary Tata Power EV Charging Solutions signed an agreement to roll out 500+ fast and ultra-fast electric vehicle (EV) charging points across India.

▪  Coforge:  Stock gained over 1% after global brokerage firm Jefferies raised its target price from Rs 6,250 to Rs 6,580 as the company optimises costs to improve margins by 150-300 bps over next 3-4 years.

▪  IREDA:  Stock surged 20% and got locked in the upper circuit after the company floated a retail division for providing loans under PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors.

Global News 

▪  Gold prices declined on Monday pressured by a firm US dollar, as investors look ahead to several major central bank meetings and US inflation data this week for further clarity on the interest rate path.

▪  European markets were mixed as global investors look ahead to this week’s Federal Reserve policy meeting.

▪  Oil prices dipped on Monday as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year.

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