POST-MARKET SUMMARY 18th April 2024

On April 18, Indian equity indices struggled to maintain their initial gains amidst significant volatility, concluding lower for the fourth consecutive day, with the Nifty falling below the 22,000 mark. Despite a mixed picture in global markets, trading began positively and retained momentum during the first half. However, the latter half of the session saw intense fluctuations before settling near the day's lowest point. Barring the telecom and media sectors, all other sectoral indices experienced losses.

NIFTY:  The index opened 65 points higher at 22,212 and made a high of 22,326 before closing at 21,995. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,100 while immediate support is at 21,950.

BANK NIFTY: The index opened 108 points higher at 47,592 and closed at 47,069. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,250 while support is at 47,000.

Stocks in Spotlight

▪  Bharti Airtel:  Stock jumped 4% on expectations of higher-than-expected Tariff hikes.

▪  Nestle India: Stock slumped nearly 3% after a report by Public Eye called out the FMCG major for adding sugar and honey to its best-selling infant milk and cereal products in developing countries like India but not in the European markets.

▪  Sterling Tools: Stock zoomed 7% after the company signed a pact with South Korea's Yongin Electronics Co for electric vehicles component facility.

Global News

▪  The benchmark Stoxx 600 index was down 0.05% by 1:40 p.m. in London, with sectors trading mixed. Utilities led with a 1.1% gain while oil and gas stocks dropped 0.9% following a sharp fall in oil prices on Wednesday.

▪  Gold prices climbed on Thursday, as risks of a widening Middle East conflict raised bullion’s safe-haven appeal, overshadowing pressures from prospects of higher-for-longer U.S. interest rates.

▪  The dollar was soft on Thursday as traders assessed the U.S. interest rates outlook in the wake of comments from Federal Reserve officials that cemented expectation of monetary settings remaining restrictive for a while longer.

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