On December 28, the final expiry of the calendar year 2023 witnessed bulls tightening their grip on the market. Benchmark indices reached fresh record highs and extended their gains for the fifth consecutive session amid broad-based buying and favourable global cues. Apart from Information Technology, all other sectoral indices closed in the green, with FMCG, realty, oil & gas, power, and metal indices posting increases of 1-2%.
NIFTY: The index opened 61 points higher at 21,715 and made a high of 21,801 before closing at 21,778. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,800 while immediate support is at 21,720.
BANK NIFTY: The index opened 197 points higher at 48,479 and closed at 48,508. Bank Nifty has formed a Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,650 while support is at 48,300.
Stocks in Spotlight
▪ Hindustan Petroleum Corporation Ltd: Stock surged over 9% as crude oil prices slid below $80 a barrel.
▪ Lupin Ltd: Stock gained 4% after the company received the United States Food and Drug Administration (USFDA) approval for Loteprednol Etabonate Ophthalmic Suspension.
▪ Housing & Urban Development Corporation Ltd: Stock zoomed 12% on signing a Memorandum of Understanding (MoU) with the State Government of Gujarat.
▪ The pan-European Stoxx 600 index was down 0.1% by early afternoon, with health care stocks adding 0.5% while oil and gas stocks dropped 0.6%.
▪ China and Hong Kong markets led a rally in Asia stocks on Thursday, while Australia shares closed near two-year highs. China’s CSI 300 index jumped 2.34% to close at 3,414.54, extending gains to the second day.
▪ Oil prices rose in early Asian trade as persistent fears over escalating tensions in the Middle East outweighed easing concerns about transport disruptions as some global shipping firms said they were returning to the Red Sea route.
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