POST-MARKET SUMMARY 20 November 2023

On November 20, the Indian benchmark indices concluded lower for the second consecutive session. The market commenced on a subdued note amid mixed global cues and remained rangebound throughout the day. The Nifty fell below 19,700 due to selling pressure in the auto, capital, and FMCG sectors. However, the day saw buying interest in IT and Healthcare names, helping to offset some of the intraday losses. Notably, the IT index recorded a 0.6% gain, while the healthcare index showed a 0.3% increase. 

NIFTY:  The index opened flat at 19,731 and made a high of 19,756 before closing at 19,694. Nifty has formed a small bearish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 19,760 while immediate support is at 19,670. 

 BANK NIFTY: The index opened flat at 43,591 and closed at 43,584. Bank Nifty has formed a Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 43,875 while support is at 43,400.

Stocks in Spotlight

▪  Mankind Pharma:  Stock surged 4.8% to touch an all-time high after the pharmaceutical company was added to the FTSE All-World, Large-Cap, Total-Cap, and All-Cap indices, marking a significant recognition for the Indian company.

▪  Tata Investment:  Stock rallied 14.46% to hit a fresh 52-week high, extending its stellar rally for the second consecutive day. The sharp rally comes ahead of the Tata Technologies IPO, which will open for public subscription on November 22.

▪ Bajaj Finance:  Stock fell 2.15% after the lender temporary suspended issuing member ID cards to customers following a November 15 RBI order.

Global News

▪  Asia-Pacific markets were mostly higher on Monday after most major bourses ended lower in the previous session, while China left its benchmark lending rates unchanged.

▪  The dollar slid to a more than two-month low on Monday, extending a downtrend from last week as traders reaffirmed their belief that US rates have peaked and turned their attention to when the Federal Reserve could begin cutting rates.

▪  Gold prices on Monday slipped from their two-week highs hit in the last session, as US Treasury yields bounced back.

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