POST-MARKET SUMMARY 21st August 2024

On August 21, the Indian market ended with marginal gains amidst a rangebound session as investors remained cautious ahead of the US PMI data and Federal Reserve Chair Jerome Powell’s upcoming speech at the Jackson Hole Symposium. Explore why this year’s event could be a turning point for investors here.

At the close, the BSE Sensex was up 102.44 points or 0.13% at 80,905.30 while the Nifty gained 71.37 points or 0.29% to finish at 24,770.20. Sectorally, the Realty index shed 1.3%, the bank index was down 0.2% while FMCG, pharma, metal, telecom, and media sectors saw gains of 0.5-1%.

NIFTY:  The index opened flat at 24,680 and made a high of 24,787 before closing at 24,770. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,850 while immediate support is at 24,700.

BANK NIFTY: The index opened 137 points lower at 50,666 and closed at 50,685. Bank Nifty has formed a Doji-type candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,000 while immediate support is around 50,400.

Stocks in Spotlight

▪  GE T&D India: Stock fell 5% to the lower circuit after the electric equipment company said that the promoter entities are considering to sell a minority equity stake, from their combined 75% holding now.

▪  Cyient: Stock gained nearly 4% after the company likely sold as much as 14.5% stake in Cyient DLM through a block deal.

▪  Genus Power Infrastructures: Stock soared 5% to end in the upper circuit at Rs 437.75 after the company announced that its wholly-owned subsidiary received three Letters of Awards (LOA) worth Rs 3,608.52 crore.

Global News 

▪  Gold prices eased on Wednesday as the dollar halted its slide, while investors looked forward to the minutes from the U.S. Federal Reserve’s latest policy meeting later in the day for more cues on interest rate cuts.

▪  The dollar edged higher on Wednesday after falling to its lowest level against the euro this year as investors waited for revisions to U.S. employment data and a speech by Federal Reserve Chair Jerome Powell.

▪  Oil prices held broadly steady on Wednesday after a run of declines that have pushed Brent down to almost $77, driven by stubborn fears over Chinese demand and diminishing concerns about conflict spreading in the Middle East.

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