POST-MARKET SUMMARY 22 December 2023

On December 22, the market concluded higher for the second consecutive session, with Nifty surpassing 21,300, driven by widespread buying across sectors. Despite a subdued start, the benchmark climbed, with Nifty approaching 21,400. However, profit-taking in the second half reversed the gains, turning the market negative. Nonetheless, last-hour buying helped indices close near the day's peak. Apart from the banking sector, all other sectoral indices closed positively. Auto, capital goods, healthcare, and oil & gas were up 1% each, while Information Technology, metal, and realty gained 2% each.

NIFTY:  The index opened 40 points higher at 21,295 and made a high of 21,390 before closing at 21,349. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,400 while immediate support is at 21,250.

BANK NIFTY: The index opened flat at 47,837 and closed at 47,491. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,750 while support is at 47,300.

Stocks in Spotlight

▪  Life Insurance Corporation of India Ltd.: Stock zoomed nearly 4% to hit a 52-week high after the government granted a one-time exemption to the insurer to achieve 25% minimum public shareholding (MPS) within 10 years.

▪  Polycab India Ltd.: Stock tanked nearly 5% amid reports that the income tax department is conducting searches at 50 locations of Polycab across India.

▪  Piramal Pharma Ltd.: Stock zoomed 9% to hit a 52-week high. It has surged 16% so far, largely in line with the benchmark Sensex. The rise comes in the wake of a fresh spate of Covid cases.

Global News

▪  Gold prices rose to their highest level in nearly 3 weeks on Friday as the dollar and bond yields fell ahead of key US inflation data that could offer more clarity on the Federal Reserve’s interest rates path next year.

▪  Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices.

▪  The dollar languished near a more than 4-month low on Friday ahead of a reading on a key US inflation gauge due later in the day, which will provide further clarity on how much room the Federal Reserve has to cut interest rates next year.

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