POST-MARKET SUMMARY 14th March 2024
On March 14, the benchmark indices concluded positively, recovering from some of the losses incurred in the previous session, with the Nifty reaching approximately 22,150 amidst widespread buying across various sectors. Top Gainer: ADANIENT | Top Loser: JSWSTEEL
On March 14, the benchmark indices concluded positively, recovering from some of the losses incurred in the previous session, with the Nifty reaching approximately 22,150 amidst widespread buying across various sectors. Apart from banking, all other sectoral indices closed in positive territory, with telecom, power, and oil & gas registering gains of 3%, while auto, capital goods, FMCG, Information Technology, healthcare, and metal saw increases of 1-2%. The broader indices displayed stronger performance compared to the main indices, with the BSE Midcap index climbing by 2.2% and the Smallcap index advancing by 3%.
NIFTY: The index opened 15 points lower at 21,982 and made a high of 22,204 before closing at 22,146. Nifty has formed bullish candlestick pattern on the daily charts. Its immediate resistance level is now placed at 22,225 while immediate support is at 22,080.
BANK NIFTY: The index opened 156 points lower at 46,825 and closed at 46,789. Bank Nifty has formed a Doji kind of candlestick pattern on the daily charts. Its immediate resistance level is now placed at 47,200 while support is at 46,550.
Stocks in Spotlight
▪ SJVN Ltd: Stock jumped around 18% after SJVN Green Energy Limited received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 500 MW solar project.
▪ Ashoka Buildcon: Stock surged 12% following its decision to acquire a 50% stake in GVR Ashoka Chennai ORR (CORR).
▪ Adani Green Energy: Stock surged nearly 10% following its subsidiary's agreement with Solar Energy Corporation of India (SECI) for 534-MW projects.
Global News
▪ The dollar inched higher on Thursday as investors waited for U.S. economic data later in the day, while bitcoin rose to a record high above $73,800.
▪ European markets slipped on Thursday afternoon, as investors assessed another key U.S. inflation reading for February.
▪ Asia-Pacific markets were mixed on Thursday after Wall Street’s tech-fueled rally dissipated, with investors focused on Japan’s spring wage negotiations and India’s wholesale inflation data.
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