POST-MARKET SUMMARY 17th May 2024

On May 17, Indian markets rose for the second consecutive session, with Nifty closing above 22,450 and broader markets also gaining. In sectoral indices, Nifty Consumer Durables led with a 2.8% increase, followed by Nifty Realty, Metal, and Auto, each up by 1.7%. However, the Nifty IT index was the top loser, dropping 0.9%.

Globally, markets ended marginally lower as investors monitored comments from Federal Reserve officials, with three suggesting keeping borrowing costs high until there's more evidence of easing inflation, signalling no rush to cut interest rates.

NIFTY:  The index opened flat at 22,415 and made a high of 22,502 before closing at 22,466. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,500 while immediate support is at 22,360.

BANK NIFTY: The index opened 135 points lower at 47,842 and closed at 48,115. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,260 while support is at 47,750.

Stocks in Spotlight

▪  Crompton Greaves: Stock closed 15% higher after the FMEG player reported a 56% sequential jump in consolidated net profit for the March quarter.

▪  Kaynes Technology: Stock zoomed over 20% after the company reported an upbeat March quarter (Q4FY24) performance.

▪  Info Edge: Stock climbed 6%, after the firm's bottom-line swung into the black for the March quarter.

Global News

▪  The dollar edged up against major currencies on Friday but was still headed for a weekly fall, as market speculation continues to swirl about the timing of Federal Reserve rate cuts amid signs of cooling inflation and a softening U.S. economy.

▪  Gold prices were on track for a second consecutive weekly gain on Friday due to improved interest rate cut expectations, providing support to silver and platinum, which are up 5.6% and 6.3%, respectively, this week.

▪  European markets were lower on Friday after shares snapped a nine-day winning streak in the previous session as earnings weighed on positive sentiment.

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