POST-MARKET SUMMARY 12th March 2024
On March 12, in another session marked by volatility, the Indian benchmark indices closed flat, with the Nifty ending at 22,335.70. Commencing with a flat to positive opening, the market saw an extension of gains as the day progressed. However, profit-booking ensued amidst broad-based selling across various sectors. On the sectoral front, with the exception of IT, all other indices concluded in negative territory, with the realty index declining by nearly 3.5%, PSU Bank and Media indices falling by 2% each, and capital goods, FMCG, healthcare, metal, and power indices experiencing a 1% decline each.
NIFTY: The index opened flat at 22,334 and made a high of 22,452 before closing at 22,335. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,400 while immediate support is at 22,250.
BANK NIFTY: The index opened 24 points higher at 47,351 and closed at 47,282. Bank Nifty has formed a Doji or High Wave kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,500 while support is at 46,900.
Stocks in Spotlight
▪ Aditya Birla Capital Ltd: Stock gained over 2%, a day after the board of directors of Aditya Birla Capital Limited approved the merger of Aditya Birla Finance Ltd with itself.
▪ Aurobindo Pharma: Stock fell nearly 2% even though the company's subsidiary received WHO GMP approval.
▪ KFin Technologies: Stock slumped 5.6% after around 36 lakh shares, making up a 2.1% stake, changed hands in a Rs 211-crore block deal
Global News
▪ The Stoxx 600 index shook off some of Monday’s negativity to trade 0.8% higher following the U.S. consumer price index print, extending the morning’s gains. Sectors were mainly in the green, with auto up 2%, while utilities fell 0.8%.
▪ Gold edged further away from a record peak on Tuesday as it looks set to break nine straight sessions of gains after the latest U.S. inflation data.
▪ The U.S. dollar was higher in choppy trading on Tuesday amid data showing hotter-than-expected inflation last month for the world’s largest economy.
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