POST-MARKET SUMMARY 29th August 2023

On August 29, the benchmark indices ended higher for the second successive session, with the Nifty hovering around the 19,350 mark. The market movement remained quite limited as there was a lack of active investor engagement, influenced by the slow performance of Asian markets and lack of positive triggers. Furthermore, consistent FII outflows have led traders to adopt a vigilant stance.

NIFTY: The index opened 68 points higher at 19,374 and made a high of 19,377 before closing at 19,342. Nifty has formed a small negative candle on the daily chart, with a minor lower shadow. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,200.

BANK NIFTY: The index opened 161 points higher at 44,655 and closed at 44,495. Bank Nifty has formed a bearish candlestick pattern on the daily time frame. Its immediate resistance level is now placed at 44,700 while support is at 44,000.

Indices closing for 29th August 2023

Major Market Indices data

FII/DII Data

Nifty Gainers & Losers

Stocks in Spotlight

▪ Gokaldas Exports Ltd: Stock was locked in at 20% upper circuit after it entered into a deal to acquire Dubai-based Atraco Group. The equity value of the deal being done through its subsidiaries is $55 million and will be funded by a mix of debt and internal accruals.

▪ Gensol Engineering Ltd: Stock was locked in at 5% upper circuit after the company bagged Solar EPC projects in Dubai.

▪ Gulf Oil Lubricants: Stock surged 4% following the company's 51% controlling stake in Tirex Transmission, a manufacturer of DC fast chargers for EVs.

Global News

▪ European Stoxx 600 index was up 0.6% by early afternoon, touching highs last seen on August 14. Mining stocks added 1.6% to lead gains as all sectors and major bourses traded in the positive territory.

▪ Gold prices gained on Tuesday as a recent rally in the US dollar and Treasury yields showed signs of fatigue ahead of crucial inflation and jobs data this week that could define the outlook for interest rates.

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