POST-MARKET SUMMARY 16th May 2024

On May 16, in a volatile session, Indian markets closed higher with Sensex rising 676 points and Nifty closing above the 22,400 level. Broader markets also gained, with BSE midcap and smallcap indices advancing around 1% each. The momentum was buoyed by positive global cues, driven by strong US inflation data, fuelling expectations of Federal Reserve rate cuts. Investors are now awaiting US jobless claims data.

Among sectoral indices, Nifty Consumer Durables was among the top performers, up 1.7%, along with Nifty IT and Nifty Realty, both up 1.7%. Nifty FMCG advanced 0.8%, while Nifty Bank and Auto rose 0.6% each. Among the losers, the Nifty PSU Bank index fell 0.88%.

NIFTY:  The index opened 119 points higher at 22,319 and made a high of 22,432 before closing at 22,403. Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 22,500 while immediate support is at 22,330.

BANK NIFTY: The index opened 258 points higher at 47,945 and closed at 47,977. Bank Nifty has formed a Doji sort of candlestick pattern on the daily chart, indicating indecision among bulls and bears. Its immediate resistance level is now placed at 48,200 while support is at 47,750.

Stocks in Spotlight

▪  Titagarh Rail Systems: Stock jumped over 9% after the company delivered robust earnings for the March quarter of FY24.

▪  Somany Ceramics: Stock zoomed over 17% after the firm's management guided that it would record industry-beating volume growth for the current fiscal year.

▪  Wonderla Holidays: Stock fell 4% after the company reported a 7% YoY drop in Q4FY24 revenue.

Global News

▪  Gold prices hovered near a one-month high on Thursday as signs of inflation stabilizing in the U.S. increased the likelihood of rate cuts by the Federal Reserve as early as September.

▪  U.S. Treasury yields were little changed as investors weighed the latest inflation data and considered the implications it may have for Federal Reserve monetary policy.

▪  European stocks turned flat today as earnings weighed on a relief rally for global markets following softer-than-expected U.S. inflation data.

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