POST-MARKET SUMMARY 13 October 2023
On October 13, the market experienced downward pressure as technology giants continued to decline due to concerns about future demand, while a decline in banking stocks further dampened market sentiment. Top Gainer: Tata Motors | Top Loser: Axis Bank
![Liquide Post-Market Summary 13th October 2023](/content/images/size/w2000/2023/10/WhatsApp-Image-2023-10-13-at-7.06.27-PM.jpeg)
On October 13, the market experienced downward pressure as technology giants continued to decline due to concerns about future demand, while a decline in banking stocks further dampened market sentiment. The day began with a gap-down opening influenced by weak global indicators, partly due to slightly higher-than-expected US inflation. However, there was a brief recovery, which didn't last long as bearish sentiment returned.
NIFTY: The index opened 140 points lower at 19,654 and made a high of 19,805 before closing at 19,751. Nifty has formed a bullish candlestick pattern on the daily chart, with average volumes. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,670.
BANK NIFTY: The index opened 277 points lower at 44,322 and closed at 44,287. Bank Nifty has formed a Doji kind of indecisive candlestick pattern on the daily scale. Its immediate resistance level is now placed at 44,560 while support is at 44,050.
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Stocks in Spotlight
▪ HDFC AMC: Stock surged nearly 4% as analysts raised their earnings growth estimates for the company after the release of robust September quarter results.
▪ SJVN Ltd: Stock jumped over 3% after the company's subsidiary bagged a renewable power project worth Rs 600 crore in Rajasthan.
▪ IRCON: Stock jumped over 10% after the government granted 'Navratna' status to the PSU, allowing it more autonomy.
Global News
▪ Hong Kong stocks fell more than 2%, leading losses in the wider Asia-Pacific markets fall as investors digested China’s inflation and trade data for September.
▪ Oil prices on Friday rose more than 4% after the US tightened sanctions against Russian crude exports.
▪ Gold prices rose on Friday, set to mark their best week since mid-March as US bond yields lowered, increasing the appeal of US dollar-backed bullion as markets price in a chance that Fed’s rate increase cycle has come to an end.
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