On December 13, in a highly volatile session, the Indian benchmark indices concluded with slight gains in anticipation of the FOMC meeting outcome later in the night. On the sectoral front, auto, power, pharma, capital goods, and realty witnessed a 1% increase each, while the information technology index saw a 1% decline. The BSE Midcap index surged 1% to achieve a new record high, and the BSE Small cap index registered a 0.7% increase.
NIFTY: The index opened 23 points higher at 20,929 and made a high of 20,950 before closing at 20,926. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,020 while immediate support is at 20,850.
BANK NIFTY: The index opened 93 points higher at 47,190 and closed at 47,092. Bank Nifty has formed a bearish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 47,350 while support is at 46,900.
Stocks in Spotlight
▪ Adani Total Gas: Stock tanked 10%, after a 90% rally in the last month, as investors booked profits.
▪ HPL Electric & Power: Stock surged 10% after the company bagged an order worth Rs 545 crore for smart meters, supporting India's national metering initiative.
▪ Equitas Small Finance Bank: Stock gained over 3% intraday after it announced the appointment of Ashwini Biswal as its next chief compliance officer (CCO).
▪ Gold extended gains on Wednesday, as subdued Treasury yields boosted the bullion’s appeal.
▪ The dollar edged up against the euro ahead of the conclusion of a Federal Reserve policy meeting that could offer some insight into when the US central bank will begin lowering interest rates.
▪ China stocks led declines among Asia-Pacific markets as investors digested Beijing’s plan to boost domestic demand, while European markets were slightly higher.
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