POST-MARKET SUMMARY 10th April 2024

On April 10, Indian equity indices closed higher, with Nifty reaching a fresh record high and Sensex edging closer to its all-time peak ahead of the release of FOMC minutes and US inflation data later today. Nifty Midcap 100 and Bank Nifty also achieved their respective record highs during today's trading session. The market will be closed on April 11 for Ramzan Id. With the exception of pharma, all other sectoral indices ended positively, with media, PSU Bank, FMCG, metal, and oil & gas stocks experiencing gains of 1-2%.

NIFTY:  The index opened 78 points higher at 22,720 and made a high of 22,775 before closing at 22,753. Nifty has formed a small bullish candle on the daily chart. Its immediate resistance level is now placed at 22,780 while immediate support is at 22,680.

BANK NIFTY: The index opened 149 points higher at 48,879 and closed at 48,986. Bank Nifty has formed a bullish candle with long lower shadow on the daily chart. Its immediate resistance level is now placed at 49,050 while support is at 48,700.

Stocks in Spotlight

▪  Ramco Systems:  Stock surged 20% and got locked in the upper circuit after the aviation software specialist signed a multi-million-dollar deal with Korea's largest airline Korean Air for tech support at its new engine maintenance complex.

▪  PB Fintech: Stock gained over 3% a day after the company incorporated PB Pay Private Limited, a subsidiary unit, to conduct the business of payment aggregator with a paid-up capital of Rs 27 crore.

▪  Shivalaik Rasayan: Stock jumped 5% despite the US FDA issuing seven observations for its Bharuch facility.

Global News

▪  Gold prices slipped from record-high levels on Wednesday as the U.S. dollar and Treasury yields firmed after a stronger-than-expected inflation print softened expectations of an early U.S. rate cut.

▪  European stocks were lower on Wednesday after U.S. inflation data for March came in hotter than expected.

▪  The yen weakened on Wednesday, pushing the dollar to its highest against the Japanese currency since 1990, with markets alert to any signs of intervention from the Japanese authorities to prop up the yen.

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