POST-MARKET SUMMARY 13 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.
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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