POST-MARKET SUMMARY 13 June 2023
Indian benchmark indices continued their winning streak for the second consecutive day on June 13, buoyed by positive domestic data, supportive global markets, and the anticipated rate pause by the US Federal Reserve. Notably, the market achieved a significant milestone as tyre manufacturer MRF's stock price surpassed the long-awaited Rs 1 lakh mark.
NIFTY: The index opened 30 points higher at 18,631 and made a high of 18,728 before closing at 18,716. Nifty has formed an Opening Marubozu candle on the daily chart, which is a bullish sign. Its immediate resistance level is now placed at 18,800 while support is at 18,600.
BANK NIFTY: The index opened 55 points lower at 43,889 and closed at 44,079. Bank Nifty has formed a bullish candle on the daily chart, after a three-day correction. Its immediate resistance level is now placed at 44,200 while support is at 43,700.
Stocks in Spotlight
▪ Zee Entertainment Enterprises: Promoters Subhash Chandra and Punit Goenka have been prohibited by SEBI from assuming any directorial or significant managerial positions within the company.
▪ Granules India Ltd: Stock gained 2% after the company received USFDA-ANDA approval for its metoprolol succinate extended-release tablets.
▪ Man Infraconstruction: Stock hit 52-week high as European investment firm Societe Generale picked up a 1.06% stake in the company.
Global News
▪ Japan’s Nikkei 225 rose 1.8%, topping the key psychological mark of 33,000 points for the first time since July 1990
▪ Market participants will closely track the release of US Consumer Price Index (CPI) data on Tuesday and Producer Price Index (PPI) data on Wednesday. These reports will provide valuable insights into the effectiveness of the Federal Reserve's efforts to control inflation through its tightening cycle.
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