POST-MARKET SUMMARY 26 December 2023

On December 26, after the Christmas holiday, benchmark indices concluded positively, marking a third consecutive day of a robust rally. The day kicked off on a neutral note amid subdued global cues. However, sustained buying across various sectors ensured that the Nifty index remained above 21,400 throughout the session, ultimately closing near its peak for the day. Barring Information Technology, all other sectoral indices finished in the green, with oil & gas, power, metal, auto, and healthcare witnessing gains of 1% each.

NIFTY: The index opened flat at 21,365 and made a high of 21,477 before closing at 21,441. Nifty has formed a bullish candlestick on the daily chart. Its immediate resistance level is now placed at 21,480 while immediate support is at 21,400.

BANK NIFTY: The index opened 85 points higher at 47,576 and closed at 47,724. Bank Nifty has formed a bullish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 48,075 while support is at 47,400.

Stocks in Spotlight 

▪  Biocon Ltd:  Stock gained nearly 2% after the company's subsidiary signed a distribution agreement with Sandoz for an immunity-linked injection in Japan.

▪  Hindustan Petroleum Corporation Ltd: Stock surged 4% along with a few other oil marketing companies (OMCs). This uptick came on the heels of the shipping corporation Maersk's decision to resume operations through the Red Sea route.

▪  Bharat Electronics Ltd:  Stock surged 4%, after the company bagged orders worth Rs 678 crore.

Global News 

▪  Gold prices rose on Tuesday, helped by a weaker US dollar and lower Treasury yields.

▪  Oil steadied, finding support from geopolitical tensions in the Middle East and investor optimism on the US Federal Reserve lowering interest rates next year, boosting global economic growth and fuel demand.

▪  The dollar was trying to find a floor on Tuesday in holiday-thinned trade, pressured by signs that inflation in the world’s largest economy is cooling which will likely give the Federal Reserve room to ease interest rates next year.

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