POST-MARKET SUMMARY 11th March 2024

On March 11, the Indian markets concluded lower, breaking a two-day winning streak, as investors exercised caution ahead of the impending release of US inflation data. Despite opening flat with a positive bias and the Nifty reaching a new all-time high of 22,526.60, the gains were swiftly erased, and the market turned negative in the early hours. Subsequently, as the day progressed, the market extended its losses amid widespread selling across sectors. All sectoral indices closed in the red, with auto, capital goods, FMCG, oil & gas, banking, information technology, realty, metal, and power sectors witnessing declines ranging from 0.5% to 1%. 

NIFTY:  The index opened 24 points higher at 22,517 and made a high of 22,526 before closing at 22,332. Nifty has formed bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,400 while immediate support is at 22,270. 

BANK NIFTY: The index opened 43 points lower at 47,792 and closed at 47,327. Bank Nifty has formed bearish candlestick pattern on the daily timeframe. Its immediate resistance level is now placed at 47,600 while support is at 47,000.

Stocks in Spotlight

▪  NLC India:  Stock rallied 6.06% as the company opened its offer-for-sale (OFS) to retail investors.

▪  Torrent Power: Stock rallied 12% intraday and hit an all-time high after the company won a solar project in Maharashtra for Rs 1,540 crore.

▪  Macrotech Developers: Stock zoomed 4% intraday and hit an all-time high after the company raised Rs 3,300 crore through qualified institutional placement (QIP).

Global News

▪  Gold prices took a breather from a record-breaking rally on Monday, which was fueled by a cooling U.S. labor market and remarks from the Federal Reserve, with traders awaiting a U.S. inflation report for fresh clues on the timing of rate cuts.

▪  The yen continued to rise on Monday as an upward revision in Japan’s growth figures bolstered investors’ bets that interest rates could rise this month.

▪  The European Index Stoxx 600 was 0.6% lower at 2:20 p.m. in London, with technology stocks down 2.2%. It follows a strong week for the index which saw it close above 500 points for the first time.

This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as

i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or

ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or

iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.

With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.