Liquide Post-Market Summary 13th July 2023

On July 13, the equity market ended with minor gains amid a highly volatile session. The market hit record highs primarily driven by information technology, metal, and realty sectors. Initially, positive global signals resulted in a strong opening for Nifty. Subsequently, the market experienced a period of consolidation. However, during the final hour, profit booking from PSU banks, oil & gas, and power sectors led to a sharp decline. Nevertheless, the market successfully ended the session in green.

NIFTY: The index opened 111 points higher at 19,495 and made a high of 19,567 before closing at 19,413. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 19,550 while immediate support is at 19,300.

BANK NIFTY:  The index opened 370 points higher at 45,009 and closed at 44,665. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 45,000 while support is at 44,400.

Indices closing for 13th July 2023
Major Market Indices data
Nifty Gainers & Losers

Stocks in Spotlight

▪  Tata Consultancy Services Ltd:  Stock gained 2.5%, a day after the company reported its Q1 earnings, which were in line with street estimates.

▪  Hindalco Industries Ltd:  Stock gained 2.5%, after the company approved a proposal for the sale of land situated at Kalwa, Maharashtra.

▪  Thomas Cook (India) Ltd: Stock jumped nearly 3% after its step-down subsidiary acquired a 50% stake in 500 FT SPV Limited, a UAE-based company.

Global News

▪  On Thursday, gold prices reached their highest level in approximately a month due to a decline in the value of the dollar. This drop was influenced by U.S. inflation data, which increased investor optimism that the Federal Reserve would soon halt its monetary policy tightening.

▪  Asia-Pacific markets witnessed a broad-based rise following the release of lower-than-expected US inflation data for June. The inflation rate stood at 3%, representing the smallest year-over-year growth in two years.

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