POST-MARKET SUMMARY 11 September 2023

The Indian market achieved a historic milestone as the Nifty surged past 20,000 points. This remarkable feat was attributed to a broad-based rally across all sectors, fuelled by increased investor confidence following the G20 Summit. Strong support from domestic investors, played a pivotal role in propelling the Nifty to this record high. India's recent successes in space exploration and foreign diplomacy have further bolstered sentiment towards Indian stocks, especially amidst the ongoing global uncertainties.

NIFTY: The index opened 71 points higher at 19,890 and made a high of 20,008 before closing at 19,996. Nifty has formed a long bullish candlestick pattern on the daily scale. Its immediate resistance level is now placed at 20,200 while immediate support is at 19,800.

BANK NIFTY:  The index opened 184 points higher at 45,340 and closed at 45,570. Bank Nifty has formed a bullish candlestick pattern on the daily scale. Its immediate resistance level is now placed at 45,800 while support is at 45,300.

Stocks in Spotlight

▪ Praj Industries Ltd:  Stock soared over 14% on expectations of gains from the Global Biofuel Alliance (GBA) launched on September 9 on the sidelines of the G20 Summit.

▪  JSW Energy Ltd:  Stock gained over 9% on reports that private equity investors TPG, Tokyo Electric Power Company (Tepco) and Brookfield were in advanced talks to buy a stake in JSW Neo Energy.

▪ IRFC: Stock was locked in a 10% upper circuit as the government's infrastructure push and expansion of the rail network boost investor confidence and brightened the outlook for rail stocks.

Global News

▪  Benchmark Stoxx 600 was 0.5% higher, with all sectors in the green. Basic resources gained 2.3%, as stocks including Anglo American and Rio Tinto traded higher following gains in metals prices.

▪  Asia-Pacific markets were mixed at the start of the week where key economic data from major economies will take center stage.

▪  Gold prices rose on Monday, supported by a retreat in the dollar as investors looked forward to US inflation data that could define the Federal Reserve’s moves on interest rates.

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