POST-MARKET SUMMARY 19th March 2024

On March 19, despite experiencing a mild recovery in the preceding session, the BSE Sensex was heavily pulled into negative territory for 2024 by bearish sentiment. Opening on a negative note, the benchmark indices continued to decline throughout the day, with Nifty and Sensex dropping below 21,800 and 72,000, respectively, intraday, due to widespread selling across sectors. All sectoral indices closed in negative territory, with Healthcare, IT, FMCG, Capital Goods, Oil & Gas, and Power segments witnessing declines of 1-2%. 

NIFTY:  The index opened 109 points lower at 21,946 and made a high of 21,978 before closing at 21,817. Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,900 while immediate support is at 21,780. 

BANK NIFTY: The index opened 154 points lower at 46,421 and closed at 46,384. Bank Nifty has formed a small-bodied bearish candlestick pattern with upper and lower shadows which resembles the Doji sort of candle on the daily chart. Its immediate resistance level is now placed at 46,750 while support is at 46,000.

Stocks in Spotlight

▪  Lemon Tree Hotels:  Stock gained in the opening trade on March 19 after the company signed a license agreement for Lemon Tree Hotels Agartala, Tripura.

▪  TCS: Stock fell over 2% on March 19 as 2.02 crore shares or 0.6% equity changed hands at an average price of Rs 4,043 per share.

▪  Sonata Software: Stock were up more than 3% in the opening trade on March 19 after the company signed a joint Go-to-Market agreement with end-to-end IT solutions and cloud-managed services provider.

Global News

▪  European markets were flat Tuesday as global investors look ahead to the start of the U.S. Federal Reserve’s two-day policy meeting.

▪  Oil prices were largely steady on Tuesday near four-month highs after breaking above range-bound trading last week, but the prospect of rising exports from Russia weighed amid Ukrainian attacks on refineries.

▪  The Japanese yen tumbled on Tuesday after the central bank made the momentous, but widely anticipated, decision to end its negative interest rate policy, while the dollar rose ahead of the upcoming Federal Reserve decision on rates.

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