POST-MARKET SUMMARY 18 December 2023

On December 18, the equity indices closed marginally lower after a volatile session, with Nifty hovering around 21,400. Starting the day on a negative note amidst mixed global cues, domestic indices staged a recovery in the initial hours, maintaining a flat trajectory for most of the first half. However, in the latter half, bears seized control, pushing the indices into the red. Noteworthy sector movements included a 1% gain in the Pharma index, a 0.7% rise in the Capital Goods index, a 1% dip in the Realty index, and a 0.5% decline in the Bank index.

NIFTY:  The index opened 22 points lower at 21,434 and made a high of 21,482 before closing at 21,418. Nifty has formed a small-bodied bearish candlestick with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 21,490 while immediate support is at 21,360.

BANK NIFTY: The index opened 75 points lower at 48,068 and closed at 47,867. Bank Nifty has formed a bearish candlestick on the daily scale. Its immediate resistance level is now placed at 48,075 while support is at 47,620.

Stocks in Spotlight 

▪  ITC:  Stock fell 1% as British American Tobacco (BAT) considers reducing its 29.02% stake in the company.

▪  Siemens: Stock surged 6% and reached a lifetime high following the announcement that the company was exploring splitting its energy business into a separate entity.

▪  HFCL:  Stock jumped 5% to hit a new 52-week high, marking a 20% increase in the last two trading sessions.

Global News 

▪  Gold prices gained on Monday, helped by a softer dollar, while focus has now turned to key US inflation data seeking additional signals on the Federal Reserve’s interest rate path after its recent dovish tilt.

▪  Oil prices rose more than 2% as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruptions, although ample supply and skepticism around Russia’s plan to cut exports in December limited gains.

▪  The yen retreated on Monday, but held near its recent highs, as the Bank of Japan kicked off a two-day meeting that could be crucial in determining the timing of the end of the central bank’s ultra-loose stance on interest rates.

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