POST-MARKET SUMMARY 21 September 2023

Indian markets ended with losses for the third consecutive day on September 21. This decline followed the US Federal Reserve’s decision to maintain its current policy stance, with indications that interest rates would stay elevated for an extended period. Ongoing selling by foreign institutional investors (FIIs) and the persistent rise in crude oil prices added to the market's apprehension. Furthermore, the global markets' weakness dampened investor sentiment. Barring Nifty Media, all other sectoral indices closed in red.

NIFTY: The index opened 61 points lower at 19,840 and made a high of 19,848 before closing at 19,742. Nifty has formed a long bearish candlestick on the daily chart, making lower lows, lower highs for the third straight session. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,600.

BANK NIFTY:  The index opened 205 points lower at 45,179 and closed at 44,623. Bank Nifty has formed a long bearish candlestick on the daily chart. Its immediate resistance level is now placed at 45,000 while support is at 44,400.

Stocks in Spotlight

▪  SJVN: Stock tanked 13% after the government launched an offer for sale (OFS) for up to 4.92% equity stake at a deeply discounted floor price.

▪  Cipla Ltd: Stock slumped 2.7% after Cipla's wholly owned US subsidiary, InvaGen Pharmaceuticals, received 5 inspectional observations from the United States Food and Drug Administration (USFDA).

▪  Apollo Tyres:  Stock slumped nearly 3% after the company announced a temporary halt of its bias off-the-road (OTR) tyre production at its manufacturing facility in Gujarat.

Global News

▪  Pan-European Stoxx 600 index was down 1.3%, with all sectors in the red. Travel and leisure stocks saw the biggest drop, down by 2.9%, followed by mining stocks, which shed 2.4%.

▪  Asia-Pacific markets fell across the region after the US Federal Reserve held its benchmark policy rate but said it will raise interest rates one more time this year, according to the central bank’s projections.

▪  Oil prices fell on Thursday, after posting the largest decline in a month in the previous session, as US interest rate hike expectations offset the impact of drawdowns in US crude stockpiles.

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