POST-MARKET SUMMARY 1st April 2024

On April 1, the Indian equity market kicked off the financial year 2024-25 on a high note, witnessing a surge that propelled it to new highs for the third consecutive session. The Sensex and the Nifty reached record levels of 74,254.62 and 22,529.95, respectively, benefiting from widespread buying across sectors, particularly in power, real estate, and metal companies. However, some of the gains were trimmed later in the day due to profit-booking at the higher levels. With the exception of the auto & FMCG sectors, all other sectoral indices closed positively. Metal, power, capital goods, healthcare, and real estate recorded gains ranging from 1% to 4%, while the oil & gas, information technology, and banking sectors saw increases of 0.5%.

NIFTY:  The index opened 129 points higher at 22,455 and made a high of 22,529 before closing at 22,462. Nifty has formed a Doji candlestick on the daily chart. Its immediate resistance level is now placed at 22,525 while immediate support is at 22,420.

BANK NIFTY: The index opened 267 points higher at 47,391 and closed at 47,578. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,650 while support is at 47,400.

Stocks in Spotlight

▪  GM Breweries:  Stock surged 12% after the company's board said it will consider a proposal for issuing bonus shares in its April 4 meeting.

▪  Adani Total Gas: Stock gained 4% after the company said its wholly owned subsidiary, Adani Total Energies Biomass Limited, commenced operations at Barsana Biogas Plant in the Mathura district of Uttar Pradesh.

▪  EIH: Stock jumped 5% after the company said it will invest Rs 421 crore to build an Oberoi luxury resort in Goa.

Global News

▪  The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention.

▪  Treasury yields rose Monday as investors kicked off the second quarter and weighed the latest U.S. inflation data.

▪  China stocks rose on Monday as investors assessed the country’s business activity. The country’s manufacturing activity expanded in March, with the purchasing managers index (PMI) registering a reading of 50.8 vs February’s reading of 49.1.

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