POST-MARKET SUMMARY 23 November 2023

On November 23, the Indian benchmark indices ended on a flat note following yet another volatile session. The market opened marginally higher amid mixed global cues, with Nifty crossing 19,850 in the initial hours but erased all the gains as the day progressed to remain rangebound. On the sectoral front, a mixed trend was seen. The healthcare index closed down by 1%, and the IT index by 0.5%. Realty and oil & gas added 1% each, and the auto index 0.4%.

NIFTY: The index opened 17 points higher at 19,828 and made a high of 19,875 before closing at 19,802. Nifty has formed a small bearish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 19,880 while immediate support is at 19,750.

BANK NIFTY: The index opened flat at 43,452 and closed at 43,577. Bank Nifty has formed a Bullish Harami pattern in a downtrend, which is a bullish reversal pattern on the daily chart. Its immediate resistance level is now placed at 43,800 while support is at 43,200.

Stocks in Spotlight

▪  Cipla:  Stock fell 7.64% after details of the warning letter issued to the firm’s Madhya Pradesh unit by the USFDA emerged.

▪  Genesys International:  Stock surged over 4% in early trade after the company announced a tie-up with Survey of India to revolutionise India's map content.

▪  Suzlon Energy: Stock climbed 5% to hit the upper circuit on November 23, snapping a three-day losing run during which it lost 12%. 

Global News

▪  European stocks were slightly higher on Thursday, as investors continue to seek direction and with US markets closed.

▪  Gold prices rose on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker US dollar and lower Treasury yields buoyed demand for bullion.

▪  Oil prices fell more than 1% in early trading on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting stoking views the producers might cut output less than earlier anticipated.

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