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. Top Gainer: SBI Life | Top Loser: SBIN
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.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.