POST-MARKET SUMMARY 13th March 2024

On March 13, the Indian market concluded with significant losses as widespread selling and ongoing declines in mid and smallcap stocks continued, unsettling investors. Despite an initial positive start aided by moderate CPI data and stable industrial production growth, the Indian benchmarks failed to sustain gains as selling pressure intensified during the latter part of the day, causing the Nifty to drop below the 22,000 mark. With the exception of the IT sector, all other sectoral indices closed in negative territory, with realty, media, PSU bank, telecom, power, oil & gas, and metals witnessing declines of 4-6%.

NIFTY: The index opened 97 points higher at 22,432 and made a high of 22,446 before closing at 21,997. Nifty has formed a large bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,050 while immediate support is at 21,900.

BANK NIFTY: The index opened 59 points higher at 47,341 and closed at 46,981. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,200 while support is at 46,600.

Stocks in Spotlight

▪  ITC:  Stock gained over 4% after its top shareholder British American Tobacco sold 3.5% stake in the company.

▪  Macrotech Developers: Stock plunged 10%, a day after promoter Sambhavnath Infrabuild and Farms sold 49.7 lakh shares, or a 0.5% stake, in the developer at an average of Rs 1,180.02 a share.

▪  Gensol Engineering: Stock fell 5% and hit the lower circuit on the news that Dubai-based hawala operator Hari Shankar Tibrewala’s FPI Zenith Multi Trading DMCC owns a 1.5% stake in the company.

Global News

▪  Gold prices edged higher on Wednesday after dropping more than 1% in the previous session, as investors digested hotter-than-expected U.S. inflation data and still banked on a Federal Reserve interest rate cut in June.

▪  European markets were choppy on Wednesday, moving between losses and gains as investors digested the latest U.S. inflation report and U.K. gross domestic product figures.

▪  The U.S. dollar index held steady on Wednesday as traders shrugged off hotter-than-expected U.S. inflation data.

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