POST-MARKET SUMMARY 13th May 2024

On May 13, both the benchmarks Sensex and Nifty 50 rebounded completely from their early lows, finishing the day in positive territory after experiencing nearly a 1% decline in morning trade. Among the top sectoral gainers, Nifty Pharma surged by 1.8%, followed by Nifty Metal and Realty, which saw gains of 1.3% each. Nifty Bank increased by 0.7%, while Nifty IT edged up by 0.4%. Conversely, Nifty Auto saw a decline of 1.68%, trailed by Nifty PSU Bank and Oil & Gas, which fell by 1.2% and 0.8% respectively.

Investors are anticipating the release of US inflation data and several Federal Reserve speeches scheduled for this week. The upcoming release of one-year inflation expectations, PPI data on Tuesday, and CPI on Wednesday will serve as significant tests for the recent bond rally. Fed speeches are planned throughout the week.

NIFTY:  The index opened 28 points lower at 22,027 and made a high of 22,131 before closing at 22,104. Nifty has formed a small bullish candlestick pattern with a long lower shadow on the daily chart, which resembles a Hammer kind of pattern. Its immediate resistance level is now placed at 22,190 while immediate support is at 22,000.

BANK NIFTY: The index opened 32 points lower at 47,389 and closed at 47,754. Bank Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 47,900 while support is at 47,500.

Stocks in Spotlight

▪  Dr Lal Path Labs: Stock surged 6% as the company's upbeat management commentary and a solid earnings performance in the March quarter fanned hopes of a strong turnaround.

▪  ABB India Ltd: Stock surged 11% in today's trade, a record high, after the company's March quarter earnings beat Street expectations.

▪  Bank of India: Stock plunged over 10% after the lender's margins contracted by 23 basis points (bps) year-on-year (YoY) in the March quarter.

Global News

▪  U.S. Treasury yields fell slightly on Monday as investors looked to key inflation data and comments from the Federal Reserve officials slated for the week.

▪  European markets closed mixed on Monday as investors awaited the release of fresh U.S. inflation data.

▪  Asia-Pacific markets were largely lower on Monday as investors assessed China’s stronger-than-expected April inflation data.

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