POST-MARKET SUMMARY 17 November 2023

On November 17, the Indian equity benchmarks closed lower, ending a two-day winning streak. Financials faced pressure as the Reserve Bank of India implemented stricter norms for personal loans and credit cards. The Nifty, down 0.17% at 19,731.80, experienced volatility throughout the session. Although there was a negative start and initial losses, the benchmarks briefly turned positive before facing another downturn. In terms of sectors, auto, capital goods, FMCG, pharma, and realty saw gains of 0.5% each. However, the PSU Bank index dropped by 2.5%, and the oil & gas index fell by 1.3%. 

NIFTY:  The index opened 91 points lower at 19,674 and made a high of 19,806 before closing at 19,731. Nifty formed a bullish candlestick pattern with a long upper shadow on the daily scale. Its immediate resistance level is now placed at 19,810 while immediate support is at 19,650. 

 BANK NIFTY: The index opened 505 points lower at 43,656 and closed at 43,583. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow and minor lower shadow on the daily charts. Its immediate resistance level is now placed at 43,875 while support is at 43,400.

Stocks in Spotlight

▪ Tata Investment Corporation:  Stock surged 20% to hit the upper circuit on account of value unlocking opportunity with Tata Technologies IPO, which opens for subscription on November 22.

▪  L&T Finance Holdings:  Stock fell over 5% after the Reserve Bank of India increased risk weight on consumer credit exposure of commercial banks and NBFCs.

▪  RBL Bank:  Stock closed 7.76% lower as RBL Bank was the hardest hit among the banking and NBFC names after the Reserve Bank of India (RBI) tightened the norms for personal loans and credit cards.

Global News

▪  European markets were in the green on Friday after a reversal of momentum in the previous session.

▪  Gold prices climbed to a two-week high on Friday and were set to mark their first weekly rise in three, as market expectations that the U.S. Federal Reserve is done hiking rates weighed on the dollar and Treasury yields.

▪  Oil prices edged higher on Friday, a day after sinking 5% to a four month-low on growing worries about burgeoning non-OPEC supply and cooling demand.

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