POST-MARKET SUMMARY 21 November 2023

On November 21, equity indices rebounded, nullifying a substantial portion of the losses incurred in the last two sessions. This upward surge was fueled by positive global cues and widespread buying across various sectors, excluding capital goods and oil and gas stocks. Sectors such as pharmaceuticals, realty, and metal each notched a 1% increase, while oil & gas and capital goods experienced a 0.5% decline.

NIFTY: The index opened 76 points higher at 19,770 and made a high of 19,829 before closing at 19,783. Nifty has formed a small bullish candlestick with long upper shadow on the daily chart. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,750.

BANK NIFTY: The index opened 206 points higher at 43,790 and closed at 43,689. Bank Nifty has formed a bearish candlestick pattern with long lower shadow on the daily chart. Its immediate resistance level is now placed at 43,790 while support is at 43,450.

Stocks in Spotlight

▪  Som Distilleries:  Stock gained 3.2% as the brewer received the permission to expand its beer capacity. The stock pared gains and closed at 1.61% higher from the previous day’s close.

▪  Suzlon Energy:  Stock fell around 5% to hit the lower circuit ahead of an investor meet on November 21. As many as 13 crore shares exchanged hands compared to the monthly average of 10 crore.

▪  Coal India:  Stock tanked 3.84% as the state-run miner traded ex-dividend from November 21. The board of directors declared the first interim dividend for the current financial year at Rs 15.25 a share with a face value of Rs 10 (152.5%).

Global News

▪  Gold prices rose to an over two-week high on Tuesday, as the US dollar dipped on expectations that the Federal Reserve is done with hiking interest rates.

▪  The Stoxx 600 index was down 0.24%, following a muted morning and a flat session on Monday as third-quarter earnings season winds down.

▪  Chinese property shares surged after Bloomberg reported that Chinese regulators are drafting a list of 50 developers eligible for a range of financing, including China Vanke and Longfor Group Holdings.

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