POST-MARKET SUMMARY 15 December 2023

On December 15, Dalal Street marked new milestones as the bull run persisted, drawing buyers to the stock market amid positive sentiments fueled by the dovish stance adopted by the US Federal Reserve. Broader markets, however, underperformed compared to their larger counterparts. Nifty Smallcap saw an increase of 0.71%, and Nifty Midcap edged up by 0.11%. The Nifty 500 was up 0.9%.

NIFTY: The index opened 105 points higher at 21,287 and made a high of 21,492 before closing at 21,456. Nifty has formed a bullish candlestick on the daily chart. Its immediate resistance level is now placed at 21,500 while immediate support is at 21,330.

BANK NIFTY: The index opened 207 points higher at 47,939 and closed at 48,143. Bank Nifty has formed a bullish candlestick on the daily chart, with strong volumes. Its immediate resistance level is now placed at 48,300 while support is at 47,900.

Stocks in Spotlight

▪  JM Financial:  Stock surged over 13% following a change in management and allotment of equity shares resulting from the exercise of stock options by eligible employees.

▪  LTI Mindtree: Stock gained over 3% after the IT services provider launched a delivery centre in Mexico City as it expands its presence in Latin America

▪  Suzlon Energy:  Stock gained nearly 4% after the company bagged an order for the development of a 100.8 MW-wind power project from a global utility company.

Global News 

▪  Gold prices held steady on Friday, but were on track for a weekly rise as the Federal Reserve shifted to a dovish stance and projected lower interest rates next year.

▪  The European blue-chip index closed Thursday’s trade up 0.9% after earlier hitting its highest point since January 2022.

▪  Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar.

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