POST-MARKET SUMMARY 18th March 2024

On March 18, the benchmark indices concluded positively, reclaiming some of the losses from the previous session, with Nifty hovering around 22,050. This was fuelled by widespread buying across various sectors, except for IT and FMCG. Despite an initial downturn, the market remained within a range during the first half of the session. Some selling pressure was evident in the mid-session; however, the market managed to recover all losses in the latter half, ultimately closing with modest gains. Sectors such as capital goods, healthcare, auto, realty, metal, and media witnessed gains ranging from 0.5% to 3%, whereas IT and FMCG experienced declines ranging from 0.5% to 1.5%. 

NIFTY:  The index opened 33 points lower at 21,990 and made a high of 22,123 before closing at 22,055. Nifty has formed a small bullish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 22,125 while immediate support is at 21,980.

BANK NIFTY: The index opened 136 points lower at 46,458 and closed at 46,575. Bank Nifty has formed a small bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 46,800 while support is at 46,450.

Stocks in Spotlight

▪  KPI Green Energy:  Stock surged 5% after the company emerged as the successful bidder of the Maharashtra State Power Generation tender for the 100 MWAC solar power project development.

▪ Torrent Power Ltd: Stock surged 3% after the company bagged a letter of award for setting up 300 MW win solar hybrid projects worth Rs 3,650 crore.

▪  Gensol Engineering Ltd: Stock was up 5% and locked in the upper circuit after the company announced it completed a 160 MW solar installation in Bhavnagar, Gujarat worth Rs 128 crore for Continuum Green Energy.

Global News

▪  The pan-European Stoxx 600 moved 0.1% higher by early afternoon, having spent the morning hovering either side of the flatline. Telecoms stocks fell 1%, while autos climbed 1.1%.

▪  U.S. Treasury yields were little changed on Monday as investors looked ahead to the Federal Reserve’s March meeting, which could provide clues about the outlook for interest rates.

▪  The dollar edged lower on Monday as traders looked ahead to central bank meetings this week, with the Bank of Japan potentially on the brink of ending negative rates and the market waiting for the Federal Reserve’s projections for rate cuts.

▪  Consequently, gold prices fell to more than a one-week low on Monday, as investors positioned themselves ahead of the U.S. Federal Reserve’s policy decision and a series of other central bank meetings this week.

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