POST-MARKET SUMMARY 12 October 2023

On October 12, the stock market displayed a rangebound pattern, following two consecutive days of gains. Although it initially opened on a positive note due to favorable global indicators, these gains were erased during the early hours of trading. For the remainder of the session, the market maintained a consolidative stance, with the IT sector facing significant losses a day after Tata Consultancy Services reported mixed financial results for the September quarter.

 NIFTY:  The index opened flat at 19,822 and made a high of 19,843 before closing at 19,794. Nifty has formed a small negative candle on the daily chart with minor upper and lower shadow. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,725.

 BANK NIFTY: The index opened 55 points higher at 44,571 and closed at 44,599. Bank Nifty has formed a small-bodied bullish candlestick pattern with a long upper shadow and minor lower shadow on the daily scale. Its immediate resistance level is now placed at 44,760 while support is at 44,400.

Stocks in Spotlight

▪  PCBL Ltd:  Stock rallied 3% after the company was granted two patents for inventions related to speciality-grade and surface-modified carbon black. The stock also hit a 52-week high in the bourses.

▪  MOIL: Stock skyrocketed over 7% after Quant Mutual Fund’s Gilt Fund bought 11 lakh equity shares or 0.5% stake in the counter at Rs 226/share via bulk deal.

▪  Cipla Ltd:  Stock slipped almost 1% after the US Food & Drug Administration (US FDA) inspected the pharma giant’s American facility and issued an establishment inspection report (EIR).

Global News

▪  Hong Kong stocks jumped nearly 2% in the last hour of trading, leading wider gains in the Asia-Pacific region as shares of big Chinese banks surged. Investors looked ahead to key US consumer inflation data for clues on the trajectory of the Federal Reserve’s monetary policy.

▪  Gold extended gains to a two-week high on Thursday, as the dollar and Treasury yields ticked down on the Federal Reserve’s cautious tilt in tone ahead of US inflation print that could offer further rate cues.

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