POST-MARKET SUMMARY 20th March 2024

On March 20, the market concluded with moderate gains following a volatile session, with investors maintaining caution in anticipation of the Federal Open Market Committee (FOMC) meeting outcome. Throughout the day, the market fluctuated between gains and losses, but a surge in auto and energy stocks aided the benchmark indices in closing higher. Notably, sectors such as auto, FMCG, realty, oil & gas, and power saw gains ranging from 0.5% to 1%, while the metal index experienced a decline of nearly 1%. 

NIFTY:  The index opened 26 points higher at 21,843 and made a high of 21,930 before closing at 21,839. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,930 while immediate support is at 21,760. 

BANK NIFTY: The index opened flat at 46,392 and closed at 46,310. Bank Nifty has formed a High Wave kind of candlestick pattern on the daily timeframe ahead of the US FOMC meet outcome. Its immediate resistance level is now placed at 46,750 while support is at 46,200.

Stocks in Spotlight

▪  Aurobindo Pharma:  Stock gained 2.7% after the company received US Food & Drug Administration (USFDA) approval for a nasal spray.

▪  IREDA:  Stock fell 2.6% after NSE revoked its inclusion in several key indices due to the firm’s non-compliance with SEBI portfolio concentration norms.

▪  Shakti Pumps: Stock fell nearly 4% after the water pump company launched a qualified institutional placement (QIP) to raise up to Rs 200 crore.

Global News

▪  Asian shares were hesitant on Wednesday on concerns the Federal Reserve could signal a slower path of rate cuts this year, while the yen plunged to a fresh four-month low on expectations that policy in Japan will remain accommodative for a while longer.

▪  U.S. Treasury yields were little changed on Wednesday as investors awaited the Federal Reserve’s latest interest rate decision and guidance about monetary policy and the economy.

▪  Gold prices, too, were little changed while the dollar rose for a fifth straight session on Wednesday, as traders awaited the U.S. Federal Reserve’s monetary policy decision and Fed Chair Jerome Powell’s remarks for more clues on prospects of rate cuts.

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