POST-MARKET SUMMARY 12th April 2024

On April 12, both the Sensex and Nifty benchmark indices plunged over 1%, driven by a widespread selloff. The drop in investor confidence was influenced by US CPI inflation data, which dashed hopes for a June rate cut and resulted in a surge in treasury bond yields. All sectoral indices concluded the day in negative territory. Nifty Pharma and Nifty Healthcare took the hardest hit, declining by 1.8% and 1.5%, respectively. Nifty Media, Nifty PSU Bank, and Nifty FMCG also closed more than 1% lower each.

NIFTY:  The index opened 76 points lower at 22,677 and made a high of 22,726 before closing at 22,519. Nifty has formed a bearish candle on the daily chart. Its immediate resistance level is now placed at 22,600 while immediate support is at 22,450.

BANK NIFTY: The index opened 315 points lower at 48,671 and closed at 48,564. Bank Nifty has formed a bearish candle with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 48,700 while support is at 48,400.

Stocks in Spotlight

▪  CAMS:  Stock gained 2 percent after the company got the nod from RBI to operate as an online payment aggregator.

▪  Sun Pharmaceuticals: Stock declined 4 percent after the US FDA labelled its Dadra facility as 'official action indicated' (OAI), indicating recommended regulatory or administrative actions.

▪  Vakrangee: Stock rose over 2 percent after the company entered an agreement with Global One Enterprises Pvt Ltd (Max TV) for offering subscription-based OTT plans through Vakrangee Kendra networks.

Global News

▪  The euro dropped to its lowest level in five months on Friday after the European Central Bank signaled it could soon cut rates even with a hot U.S. economy likely forcing the Federal Reserve to hold off on a similar move until later in the year.

▪  Gold reached another all-time high on Friday and was poised to post a fourth straight weekly gain as geopolitical risks and economic concerns surrounding China attracted robust demand.

▪  Asia-Pacific markets were mixed Friday after an inflation-fueled selloff in the previous session, with investor assessing economic data from Singapore and South Korea.

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