POST-MARKET SUMMARY 16th April 2024

On April 16, the Sensex and the Nifty sustained their downward trajectory for the third consecutive session, influenced by global cues. Factors contributing to this decline included concerns over prolonged high interest rates, tensions in the Middle East, and mixed economic data from China. While China's GDP growth and fixed assets investment exceeded expectations, retail sales and industrial output figures fell short. At close, the Sensex declined by 456.10 points, equivalent to a 0.62% drop, settling at 72,943.68, while the Nifty fell by 124.60 points, or 0.56%, to 22,147.90. The Nifty IT index saw the most significant decline among sectoral indices, plunging 2.6%, followed by the Nifty PSU Bank and Nifty Bank indices, which fell by 1.3% and 0.6%, respectively.

NIFTY:  The index opened 147 points lower at 22,125 and made a high of 22,213 before closing at 22,147. Nifty has formed a small bullish candlestick on the daily chart with upper and lower shadows. Its immediate resistance level is now placed at 22,220 while immediate support is at 22,080.

BANK NIFTY: The index opened 337 points lower at 47,436 and closed at 47,484. Bank Nifty has formed a spinning top pattern on the daily chart. Its immediate resistance level is now placed at 47,700 while support is at 47,400.

Stocks in Spotlight

▪  VST Industries: Stock saw buying interest after veteran investor Radhakishan Damani acquired an additional 1.51% stake in the company, raising his holding in the company to 34.4%.

▪  Gujarat Gas: Stock rose 0.42% after Jefferies maintained a 'buy' call on the counter, citing multiple levers from its credit cards business, and assigned a target price of Rs 100 a share, an upside of 22% from the current levels.

▪  Vodafone Idea: Stock fell nearly 3% at open on the NSE on April 16, a day after the company announced an FPO set to be launched on April 18.

Global News

▪  Gold prices fell on Tuesday, under pressure from high U.S. Treasury yields and as investors locked in profits from a rally that drove the precious metal to a record peak last week.

▪  European markets were lower on Tuesday as investors closely followed developments in the Middle East.

▪  The dollar rose to a five-month high against the pound and euro on Tuesday, a day after stronger-than-expected U.S. retail sales sent Treasury yields higher. Meanwhile, the yen languished at its lowest level since 1990.

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