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.
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