POST-MARKET SUMMARY 22 November 2023

On November 22, Indian equity benchmarks closed higher for the second consecutive session amid volatility. Despite a flat opening influenced by mixed global cues, the indices steadily gained in the first half. Mid-session selling brought the Nifty close to 19,700, but a surge in last-hour buying reversed the losses, resulting in a higher close compared to the previous day. Sector-wise, there was a mixed trend, with banks, metal, and realty each experiencing a 0.5% decline, while IT, capital goods, oil & gas, power, healthcare, and FMCG saw gains ranging from 0.3% to 1%.

NIFTY: The index opened flat at 19,784 and made a high of 19,825 before closing at 19,811. Nifty has formed a small bullish candlestick pattern with a long lower shadow, which resembles the hanging man pattern, 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 26 points higher at 43,663 and closed at 43,449. Bank Nifty has formed a bearish candlestick with lower shadows on the daily chart. Its immediate resistance level is now placed at 43,600 while support is at 43,200.

Stocks in Spotlight

▪  StoveKraft:  Stock fell 4% after the company said the income tax department was searching its premises and plants. It recouped some of the losses and closed 2.34% lower.

▪  GMR Power and Urban Infrastructure:  Stock surged 5% after the company acquired an additional 29.2% stake in subsidiary GMR Energy.

▪  Suzlon Energy: Stock tanked 5% again and was locked in a lower circuit, extending losses for the third straight session. 

Global News

▪ Gold prices hovered near the key $2,000 level on Wednesday, as expectations of an end to the US Federal Reserve’s rate hike cycle kept the dollar and US bond yields subdued.

▪  European stocks went up on Wednesday as markets digest a swathe of fiscal announcements in the UK.

▪  Oil prices slipped slightly in quiet pre-US Thanksgiving holiday trading, as the market awaited news on output cuts from the OPEC+ producers group and looked for confirmation of a sharp build-up in US crude stocks.

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