POST-MARKET SUMMARY 20 December 2023

On December 20, the market experienced a significant decline from recent highs, with benchmarks erasing morning gains and closing near the day's low due to widespread selling. Top Gainer: ONGC | Top Loser: ADANIPORTS

Liquide Post-Market Summary 20th December 2023

On December 20, the market experienced a significant decline from recent highs, with benchmarks erasing morning gains and closing near the day's low due to widespread selling. In the mid-session, a sudden drop eliminated all accumulated gains, and the indices concluded near the day's lowest levels. All sectoral indices ended in negative territory, with auto, capital goods, metal, pharma, oil & gas, power, and realty witnessing declines of 2-4%.

NIFTY:  The index opened 90 points higher at 21,543 and made a high of 21,593 before closing at 21,150. Nifty has formed a large bearish candlestick on the daily time frame that engulfed the past three trading sessions, indicating profit-booking at higher levels. Its immediate resistance level is now placed at 21,250 while immediate support is at 21,075.

BANK NIFTY: The index opened 215 points higher at 48,085 and closed at 47,445. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,500 while support is at 47,150.

Indices closing for 20th December 2023
Major Market Indices data
Nifty Gainers & Losers

Stocks in Spotlight

▪  Nippon Life India:  Stock gained 2.4% despite a Rs 726 crore block deal. Analysts are bullish on the stock due to industry AUM growth through SIPs as Indian markets have performed well recently.

▪  Oil India: Stock surged 6.3%, extending gains for the second straight session after the rise of crude oil prices and the government slashing windfall taxes.

▪  Glenmark Pharma: Stock plunged 4.5% despite the Competition Commission of India (CCI) approving Nirma's acquisition of the majority shareholding in the subsidiary Glenmark Life Sciences.

Global News 

▪  Gold prices held steady above the key $2,000 level on Wednesday, supported by prospects of interest rate cuts from the Federal Reserve next year.

▪  European markets were mixed as investors digested fresh inflation data following positive trade in the previous session.

▪  Asia markets rose, with Japan stocks extending gains to another session after the country’s central bank left its ultra-loose monetary policy unchanged at its final meeting this year.

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