POST-MARKET SUMMARY 15th March 2024

On 15th March, the Indian benchmarks Sensex and Nifty encountered their first weekly decline after four weeks of consecutive gains, posting a loss of around 2% for the week. This decline marked the most significant weekly downturn in 20 weeks. Continued broad-based selling and a downturn in mid and smallcap stocks persisted, raising concerns among investors amidst regulatory warnings. Moreover, weakness in global equities, influenced by disappointing US data, led to reduced expectations of a Federal Reserve interest rate cut, further dampening market sentiment.

NIFTY:  The index opened 82 points lower at 22,064 and made a high of 22,120 before closing at 22,023. Nifty has formed a spinning top candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,100 while immediate support is at 21,900.

BANK NIFTY: The index opened 217 points lower at 46,572 and closed at 46,594. Bank Nifty has formed a Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 46,800 while support is at 46,300.

Stocks in Spotlight

▪  One97 Communications:  Stock was locked in at 5% upper circuit at Rs 370.30 after the National Payments Corporation of India (NPCI) allowed it to function as a third-party application provider (TPAP) on Unified Payments Interface (UPI).

▪  RailTel: Stock surged by up to 7% following the announcement of a Rs 113.46 crore work order from Odisha Computer Application Centre.

▪  KPI Green Energy: Stock jumped 3% after securing a wind-solar power project from Gujarat Urja Vikas Nigam Limited.

Global News

▪  Gold prices edged lower on Friday, and were on track for their first weekly drop in four over concerns that the Federal Reserve might defer interest rate cuts beyond June after data showed a higher-than-expected rise in inflation.

▪  The dollar was on track for a weekly gain versus major currencies while the yen drifted lower on Friday, ahead of a flurry of highly-anticipated central bank meetings next week, including the U.S. Federal Reserve and Bank of Japan.

▪  Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices.

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