POST-MARKET SUMMARY 29 December 2023

On December 29, domestic equities concluded the final trading session of 2023 lower, snapping a five-day winning run as investors booked profits. Despite this, all broader market indices wrapped up the year on an upbeat note. Among sectoral indices, Nifty PSU Bank was the biggest loser, down 0.64%. Nifty Bank and Nifty IT fell about half a percent each. In contrast, Nifty Auto emerged as the biggest gainer, up over a percent, with Nifty Realty and Nifty Metal also marking significant gains.

NIFTY:  The index opened 41 points lower at 21,737 and made a high of 21,770 before closing at 21,731. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,770 while immediate support is at 21,675.

BANK NIFTY: The index opened 134 points lower at 48,374 and closed at 48,292. Bank Nifty has formed a small bearish candlestick pattern with a long lower shadow and a small upper shadow on the daily chart. Its immediate resistance level is now placed at 48,450 while support is at 48,050.

Stocks in Spotlight

▪  Railtel Corporation of India Ltd.:  Stock jumped over 15% after the company secured an order worth Rs 120.45 crore from South Central Railway.

▪  Shakti Pumps (India) Ltd.: Stock ended 2% higher after the company received a fresh order from the Haryana Renewable Energy Department (HAREDA).

▪  Kalpataru Projects International Ltd.:  Stock surged 8% after the company, along with its joint ventures (JVs) and international subsidiaries, secured orders worth Rs 3,244 crore.

Global News

▪  Gold prices gained on Friday and were headed for their best year in three, supported by expectations that the US Federal Reserve could begin easing its monetary policy as early as March next year.

▪  The dollar edged higher on Friday but was still set to end 2023 with a loss, reversing two straight years of gains.

▪  Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices.

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