POST-MARKET SUMMARY 14 December 2023

On December 14, the unexpectedly accommodative stance adopted by the US Federal Reserve sparked a global rally, propelling the Indian equity benchmarks to record highs. Most sectoral indices ended the day in positive territory, with broader market indices showing a parallel uptrend. The Nifty Midcap 100 and Nifty Small cap 100 surged by 1.31% and 0.85%, respectively. The Nifty 500, the most comprehensive index on NSE, registered a gain of 1.19%. Apart from Nifty Media, Healthcare, and Consumer Durables, which experienced marginal declines, all other indices closed with gains. Nifty Realty and Nifty IT emerged as the top performers, witnessing increases of 3.88% and 3.5%, respectively.

NIFTY:  The index opened 184 points higher at 21,110 and made a high of 21,210 before closing at 21,182. Nifty has formed a bullish candlestick on the daily chart, with strong volumes. Its immediate resistance level is now placed at 21,210 while immediate support is at 21,150.

BANK NIFTY: The index opened 475 points higher at 47,567 and closed at 47,732. Bank Nifty has formed a bullish candlestick with sizeable upper shadow on the daily chart. Its immediate resistance level is now placed at 47,900 while support is at 47,600.

Stocks in Spotlight 

▪  NBCC:  Stock fell 2% as the IRDAI proposed a higher surrender value on non-PAR products.

▪  IRCTC: Stock gained 2% after the railway major announced its plans for major expansion in the non-railway catering business across the country.

▪  LTIMindtree:  Stock gained as much as 3.7% on December 14, after the Fed signalled the 2% inflation target could be achieved earlier than estimated. 

Global News 

▪  Gold prices extended gains on Thursday to their highest in a week after the US Federal Reserve signalled that its interest rate-hiking policy is at an end.

▪  Oil prices rose on Thursday, extending the previous session’s gains, on a bigger-than-expected weekly withdrawal from US crude storage and a weaker dollar after the US central bank signalled lower borrowing costs for 2024.

▪  Consequently, the dollar dropped to a fresh four-month low.

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