POST-MARKET SUMMARY 15th April 2024

On April 15, the Indian equity indices experienced a continued decline for the second consecutive session due to widespread selling, as concerns over tensions between Israel and Iran dampened investors' risk appetite. Investors also remained vigilant about monitoring the March quarter results. The market commenced the session with a gap-down opening and sustained losses throughout the day, with the Nifty dropping to approximately 22,250, amidst selling across various sectors. Apart from oil & gas and metal sectors, all other sectoral indices concluded the day in negative territory. Both the BSE midcap and smallcap indices witnessed a decline of 1.5%.

NIFTY:  The index opened 180 points lower at 22,339 and made a high of 22,427 before closing at 22,272. Nifty has formed a bearish candlestick pattern with gap- down opening on the daily chart. Its immediate resistance level is now placed at 22,350 while immediate support is at 22,200.

BANK NIFTY: The index opened 507 points lower at 48,057 and closed at 47,773. Bank Nifty has formed a bearish candlestick with upper shadow on the daily chart. Its immediate resistance level is now placed at 47,900 while support is at 47,650.

Stocks in Spotlight

▪  Mahanagar Gas:  Stock saw buying interest after the BJP's 2024 manifesto promised extension to existing schemes for energy access and more clean-energy

▪  Ramkrishna Forgings: Stock advanced 2% after the company secured Rs 270-crore orders for Vande Bharat trains.

▪  IREDA: Stock fell nearly 5% after three domestic mutual funds, Kotak Mutual Fund, Nippon India Mutual Fund and ICICI Prudential Mutual Fund, exited the company in March.

Global News

▪  European markets were higher on Monday amid heightened geopolitical tensions following Iran’s massive drone and missile attack on Israel Saturday night.

▪  The dollar steadied on Monday, holding its biggest weekly gain since 2022, as escalating conflict in the Middle East and the prospect of stubbornly high U.S. interest rates gave support.

▪  Asia-Pacific markets fell on Monday as traders weighed the impact of the Iran-Israel conflict, with focus also on key economic data from China and Japan later in the week.

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