POST-MARKET SUMMARY 14th May 2024
On May 14, the Indian markets continued their upward trajectory for the third consecutive session, with Sensex surging over 300 points and Nifty holding above the 22,200 level. Top Gainer: ADANIENT | Top Loser: CIPLA
On May 14, the Indian markets continued their upward trajectory for the third consecutive session, with Sensex surging over 300 points and Nifty holding above the 22,200 level. The BSE MidCap and SmallCap indices also displayed resilience, gaining over 1% following a recent correction.
Among sectors, Nifty Metal emerged as the top performer, climbing 2.77%, trailed by Nifty Auto and Oil & Gas, which saw increases of 1.8% each. Nifty PSU Bank, Consumer Durables, and Realty indices advanced by 1% each. However, Nifty FMCG and Pharma fell 0.5% each.
NIFTY: The index opened flat at 22,112 and made a high of 22,270 before closing at 22,217. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,320 while immediate support is at 22,170.
BANK NIFTY: The index opened flat at 47,748 and closed at 47,859. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,960 while support is at 47,500.
Stocks in Spotlight
▪ Hero Motocorp: Stock climbed 3.4% and hit a 52-week high after the company joined the ONDC Network, becoming the first automobile company in India to do so.
▪ Mankind Pharma: Stock rose 3.1% after CNBC-TV18 reported that the company is planning to acquire Bharat Serum & Vaccines from private equity firm Advent International.
▪ Jindal Steel & Power: Stock soared 4.3% after the company reported solid Q4 results, driven by a robust domestic demand scenario and high steel prices.
Global News
▪ The pan-European Stoxx 600 index was up 0.2% at 2:50 p.m. London time, with most sectors trading in positive territory. Auto stocks led gains, up more than 1% for the session.
▪ Asia-Pacific markets were mixed on Tuesday as stocks on Wall Street stumbled overnight, with the Dow Jones Industrial Average snapping an eight-day winning streak.
▪ In the US, April’s producer price index (PPI) reading came in 0.5% higher (MoM), surpassing the 0.3% increase that economists surveyed by Dow Jones had anticipated.
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