Liquide Post-Market Summary 16 June 2023

On June 16, the Nifty recouped its previous session's losses and reached a new all-time high, buoyed by positive trends in global markets and broad-based buying across sectors. The market ended at record-breaking levels, with the Nifty ending 137.90 points higher. The positive factors driving domestic sentiment included declining inflation, robust economic indicators, and continued investments by foreign institutional investors (FIIs).

NIFTY:  The index opened 35 points higher at 18,723 and made a high of 18,864 before closing at 18,826. Nifty has formed a Bullish candle on the daily & weekly time frame. Its immediate resistance level is now placed at 18,890 while support is at 18,700.

BANK NIFTY:  The index opened 140 points higher at 43,583 and closed at 43,938. Bank Nifty has formed a Bullish candle, as buying was seen in heavyweights. Its immediate resistance level is now placed at 44,150 while support is at 43,700.

Indices closing for 16th June 2023
Major Market Indices data
Nifty Gainers & Losers

Stocks in Spotlight

Paras Defence & Space Technologies: Stock gained 4%, after the company bagged an order worth Rs 53 crore from the Ministry of Defence.

HDFC Life Insurance Company Ltd: Stock jumped 5%, after the company reported a 1.8x to 2x growth in business in May.

IKIO Lighting: The company made a stellar debut on the bourses and settled at Rs 403.75 on the BSE, representing a premium of 42% over the issue price of Rs 285.

Global News

▪ China's Central Bank cut rate on 1-year MLF loans to 2.65% from 2.75% for the first time in 10 months.

▪ The Bank of Japan held its short-term interest rate target at -0.1% and made no changes to its yield curve control policy after a two-day meeting, in line with economists’ expectations.

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