POST-MARKET SUMMARY 27 October 2023

On October 27, benchmark indices managed to break a six-day losing streak and ended the day with gains. The positive momentum was supported by various sectors, with realty, energy, and financials standing out as strong performers. However, the ongoing instability in the Middle East remains a source of concern for investors, adding to the prevailing market volatility. Additionally, worries about bond yields persist, even though certain aspects of these concerns have already been factored into the market.

NIFTY:  The index opened 71 points higher at 18,928 and made a high of 19,076 before closing at 19,047. Nifty has formed a long bearish candle on the weekly chart. Its immediate resistance level is now placed at 19,100 while immediate support is at 18,970.

BANK NIFTY: The index opened 275 points higher at 42,555 and closed at 42,782. Bank Nifty started the new F&O series 0.6% higher and extended the gains as the day went by. Its immediate resistance level is now placed at 43,000 while support is at 42,500.

Stocks in Spotlight

▪ PNB:  Stock gained nearly 5% after the lender delivered a strong set of numbers for the July-September quarter.

▪ Shriram Finance:  Stock surged over 7% a day after the company reported in-line earnings for the September quarter. Net profit was up 13% while total income rose 15% YoY.

▪ Suzlon Energy: Stock gained over 2% after the company bagged an order for the development of a 50.4 MW wind power project.

Global News

▪ Oil prices rose on Friday as investors priced in fears of an escalation of conflict in the Middle East, which could disrupt oil supplies, after reports that the US military had struck Iranian targets in Syria.

▪ Asia-Pacific markets attempted a rebound on Friday, with Australian stocks bouncing from a one-year low in the previous session as investors continued to digest more inflation data.

▪ Spot gold was trading at $1,981.86, slightly lower by 0.1%, per ounce. US gold futures slipped 0.1% to $1,991.60.

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