POST-MARKET SUMMARY 27 December 2023

On December 27, the benchmark indices achieved new milestones, closing higher for the fourth consecutive session, with Nifty reaching 21,650. The market commenced on an optimistic note amid positive global cues and continued to gain throughout the day. While some profit booking occurred at mid-session, last-hour buying aided indices in closing near the day's high. Except for the oil & gas and power sectors, all other sectoral indices concluded in the green, with the auto, bank, and metal sectors each gaining 1%.

NIFTY:  The index opened 56 points higher at 21,497 and made a high of 21,675 before closing at 21,654. Nifty has formed a bullish candlestick on the daily chart. Its immediate resistance level is now placed at 21,700 while immediate support is at 21,600.

BANK NIFTY: The index opened 94 points higher at 47,818 and closed at 48,282. 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 48,350 while support is at 48,150.

Stocks in Spotlight

▪  SJVN Ltd:  Stock gained 1.5% on bagging a 100-MW solar power project from Gujarat Urja Vikas Nigam Ltd (GUVNL).

▪  Larsen & Toubro Ltd: Stock climbed 1.5%, after the company bagged a major order for the Amaala project in the Red Sea region of Saudi Arabia.

▪  Kansai Nerolac Paints Ltd:  Stock surged nearly 4% following the company's approval of a plan for the monetisation of idle land parcels that have not been utilised for productive purposes.

Global News 

▪  Gold prices steadied on Wednesday as trading was muted in the last week of the year, but bullion was headed for its best year in three on expectations that the Federal Reserve will cut rates in the first quarter of 2024.

▪  The dollar slipped to a five-month low on Wednesday and the euro touched a four-month peak, but thin year-end trading flows limited moves.

▪  Oil prices stabilized on Wednesday after the previous day’s strong gains as investors monitored Red Sea developments, with some major shippers resuming passage through the trade route despite continued attacks and broader Middle East tensions.

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