POST-MARKET SUMMARY 18 September 2023

The Indian benchmark indices ended with minor losses in a volatile trading session on September 18. The market opened lower amid weak global cues and continued to stay in negative territory throughout the day, eventually closing near its lowest point. Nevertheless, the presence of buyers in the automotive, power, and public sector banks sectors helped limit the overall losses. The Indian markets will remain closed on September 19, in observance of Ganesh Chaturthi.

NIFTY: The index opened 37 points lower at 20,155 and made a high of 20,195 before closing at 20,133. Nifty has formed a bearish candlestick pattern, with minor upper shadow on the daily chart. Its immediate resistance level is now placed at 20,200 while immediate support is at 20,000.

BANK NIFTY:  The index opened 131 points lower at 46,100 and closed at 45,979. Bank Nifty has formed a bearish candlestick pattern, with a minor upper shadow on the daily timeframe. Its immediate resistance level is now placed at 46,300 while support is at 45,700.

Stocks in Spotlight

▪ HAL: Stock traded 1% higher after the Defence Acquisition Council (DAC) approved the procurement of 12 Su-30MKI aircraft and avionics upgradation of Dornier aircraft.

▪ Dhanlaxmi Bank Ltd:  Stock soared nearly 5%. The surge comes after the stock price tanked nearly 7% on the news of an independent director resigning from the post.

▪ Bajaj Auto Ltd:  Stock traded 1% higher after Managing Director Rajiv Bajaj said the company plans a major upgrade of its popular Pulsar bike range.

Global News

▪ Pan-European Stoxx 600 index was 0.9% lower in early afternoon trading, with all sectors in negative territory. Travel and leisure stocks led losses, down 1.7%, followed by technology, which dropped 1.6%.

▪ Gold prices edged higher on Monday as investors priced in a likelihood that the Federal Reserve may not raise rates at its policy meeting this week.

▪ Asia-Pacific markets slipped on Monday as investors look ahead to a week of central bank decisions.

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