POST-MARKET SUMMARY 18 October 2023

Despite a brief recovery in the previous session, the market faced renewed selling pressure on October 18. Most sectors experienced declines, with the exceptions being the automotive and pharmaceutical sectors. The market began the day on a negative note due to unfavourable global cues. The renewed weakness in banking and financial industry leaders, along with a decrease in other major stocks like Reliance, suggests a potential for further downward movement.

NIFTY: The index opened flat at 19,820 and made a high of 19,840 before closing at 19,671. Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 19,730 while immediate support is at 19,600.

BANK NIFTY: The index opened flat at 44,404 and closed at 43888. Bank Nifty has formed a strong bearish candlestick pattern on the daily scale. Its immediate resistance level is now placed at 44,050 while support is at 43,800.

Stocks in Spotlight

▪ Zensar Technologies: The stock tanked 5% after it posted a modest revenue growth of 0.5% on-year and 1.1% on-quarter to Rs 1,240 crore, impacted by weak hi-tech and manufacturing verticals.

▪ VST Industries: Shares of VST Industries fell nearly 2% after the company's net profit for the second quarter of FY24 slumped 17.6% YoY.

▪ Syngene International: Shares of Syngene International plunged over 6% after the drug maker trimmed its revenue guidance to a mid-teen level in the second half of the year.

Global News

▪ Asia markets were mixed in choppy afternoon trading on Wednesday after economic data from China showed stronger-than-expected growth.

▪ The Pan-European Stoxx 600 index was down 0.6%, with mining stocks shedding 1.7% to lead losses while telecoms added 0.4%.

▪ Gold prices touched a near one-month high on Wednesday after a deadly blast in Gaza fueled fears about the Middle East conflict escalating and kept the safe-haven asset a favoured investment.

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