POST-MARKET SUMMARY 19 December 2023

On December 19, the Indian equity benchmarks surged to fresh highs amid a highly volatile session, recovering from some of the previous session’s losses to conclude with moderate gains. The sectoral performance exhibited a mixed trend, with the metal, pharma, oil & gas, power, and FMCG sectors registering gains ranging from 0.3% to 1%. Conversely, the auto, capital goods, realty, and information technology sectors witnessed declines of 0.3% to 0.8%. Looking at broader indices, the BSE small cap index reached a new peak of 42,544.95 before ending with minor gains, whereas the BSE Midcap index slipped 0.3%.

NIFTY:  The index opened 59 points higher at 21,477 and made a high of 21,505 before closing at 21,453. Nifty has formed a small-bodied bearish candlestick pattern with a long lower shadow indicating support-based buying at lower levels. Its immediate resistance level is now placed at 21,500 while immediate support is at 21,350.

BANK NIFTY: The index opened 73 points higher at 47,940 and closed at 47,870. Bank Nifty has formed a small-bodied bearish candle with a longer lower shadow on the daily time frame. Its immediate resistance level is now placed at 48,020 while support is at 47,620.

Stocks in Spotlight

▪  Oil India:  Stock surged 7% after the government slashed the windfall tax and crude oil prices inched up in the international market.

▪  Biocon: Stock slipped 1.5% even after the company completed the transition of the acquired biosimilar business in around 120 countries across advanced and emerging markets.

▪  IDFC First Bank:  Stock jumped 3% after the Reserve Bank of India (RBI) approved the merger of IDFC and IDFC Financial Holding Company with itself.

Global News 

▪  Gold prices gained on Tuesday as investors looked ahead to US economic data that could provide further indications on the outlook for interest rates.

▪  The US dollar jumped against the yen after the Bank of Japan gave no sign that its ultra-loose monetary policy was set to end, but the dollar was broadly softer against other majors, weighed down by expectations for interest rate cuts next year.

▪  Japan’s Nikkei 225 index closed more than 1% higher after the country’s central bank left the main policy rate unchanged at its final meeting of the year.

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