In light of weak market cues from Asia and Europe, investors chose to unload their holdings in metals, real estate and energy stocks, marking a long-awaited period of profit booking. Further, investors pivoted towards a cautious approach pending the upcoming verdict on the US debt deal, which is likely to provide clarity on the market's near-term trajectory.
NIFTY: The index opened 39 points lower at 18,606 and made a high of 18,594 before closing at 18,534. Nifty has formed a bearish candle and selling pressure can be seen on the daily chart. Its immediate resistance level is placed at 18,600 while support is at 18,400.
BANK NIFTY: The index opened 118 points lower at 44,318 and closed at 44,128. Its immediate resistance level is now placed at 44,400 while support is at 44,000. RSI is at 68 on the daily chart, which indicates strength.
Stocks in Spotlight
- Tega Industries: Stock jumps 10% hitting a fresh 52-week high on solid Q4 numbers. The company’s operating revenue rises 37% to Rs 396.4 crore.
- RHI Magnesita: Stock slips 4% after the company reports a consolidated net loss of Rs 679.36 crore in Q4 as against a net profit of Rs 99.84 crore in the year-ago quarter.
- Torrent Pharma: Stock jumps 8% after the company posts a net profit of Rs 287 crore for Q4 as against a loss of Rs 118 crore in the year-ago quarter.
- Suzlon: Stock ends 10% higher after the company posts a consolidated profit of Rs 279.9 crore in Q4 as against a loss of Rs 204.3 crore in the year-ago quarter.
- India surges to 5th place in global stock market rankings, valued at over $3.31 trillion.
- Dollar hits a two-month high as European inflation cools.
- Hong Kong’s Hang Seng index slips nearly 2% to a new low for 2023.
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