POST-MARKET SUMMARY 28 September 2023

The Indian equity markets concluded the day with nearly a 1% decline on the monthly F&O expiry date, influenced by global market weakness and a significant increase in crude oil prices, which hit an annual peak. The market had been experiencing downward pressure over the past few days, a trend largely propelled by persistent foreign institutional investors (FIIs) selling. Additionally, India VIX, the indicator measuring market volatility and apprehension, experienced a notable and abrupt increase.

NIFTY: The index opened 45 points lower at 19,761 and made a high of 19,766 before closing at 19,523. Nifty has formed a Bearish Engulfing pattern on the daily chart with above average volumes, indicating the negative sentiment may prevail in coming days. Its immediate resistance level is now placed at 19,700 while immediate support is at 19,450.

BANK NIFTY: The index opened 112 points higher at 44,700 and closed at 44,300. Bank Nifty has formed a long bearish candle on the daily scale. Its immediate resistance level is now placed at 44,700 while support is at 44,200.

Stocks in Spotlight

▪ Larsen & Toubro:  Stock of the construction major was the top gainer on Nifty 50 ahead of the company’s share buyback bid settlement.

▪  Axis Bank:  Stock gained 0.56% after the bank said it would extend its branch network in Gujarat by adding 28 more branches and 69 new ATM’s the end of the financial year in a bid to enhance accessibility.

▪  Asian Paint:  Stock traded 3.98% lower after Brent crude prices continued to surge and hit the $97 a barrel mark, rising 3% overnight and significantly by 30% throughout the third quarter of the year.

Global News

▪  Pan-European Stoxx 600 index was down by 0.1%, with sectors mostly in negative territory. Travel and leisure stocks were down 1.1%, followed by tech, which was dragged lower by a 29% drop in the share price of Austrian chipmaker Ams-Osram.

▪  Asia-Pacific markets largely fell after notching some gains on Wednesday as an uptick in Treasury yields and oil prices dented investor sentiment on Wall Street.

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