POST-MARKET SUMMARY 22nd April 2024

On April 22, the Indian equity indices continued their upward trend for the second consecutive session, buoyed by positive global cues and a slight easing of concerns regarding tensions between Iran and Israel. The Sensex closed higher by 560.29 points, equivalent to a 0.77% increase, reaching 73,648.62, while the Nifty surged by 189.40 points, or 0.86%, to settle at 22,336.40. All sectoral indices concluded the day in positive territory, with gains of up to 3% observed in the auto, PSU bank, capital goods, oil & gas, FMCG, healthcare, and realty sectors.

NIFTY:  The index opened 189 points higher at 22,336 and made a high of 22,375 before closing at 22,336. Nifty has formed a Dragonfly Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,400 while immediate support is at 22,270.

BANK NIFTY: The index opened 571 points higher at 48,145 and closed at 47,924. Bank Nifty has formed a bearish candle with long lower shadow on the daily chart. Its immediate resistance level is now placed at 48,150 while support is at 47,700.

Stocks in Spotlight

▪  Welspun Corp:  Stock jumped 4% after the firm announced it won Rs 872-crore orders since its last disclosure on March 22.

▪  Honasa Consumer: Stock advanced 4% after its skincare unit Derma Co achieved an annual revenue rate (ARR) of Rs 500 crore.

▪  Zydus Lifesciences: Stock gained 4% after the pharma company launched the generic version of bladder control drug Mirabegron in the US.

Global News

▪  Gold prices slipped over 2% to a one-week low on Monday as worries over a wider Middle East conflict subsided, prompting investors to scale back safe-haven trades in favour of riskier assets like equities.

▪  The benchmark Stoxx 600 index was up 0.5% by 1:40 p.m. London time, with the majority of sectors trading in the green. Telecoms stocks led gains, up 1.8%, while autos sunk 0.9%.

▪  The dollar ticked higher against the euro and yen in subdued trade after last week’s volatility, with markets taking their lead from the Fed’s higher-for-longer messaging and a firmer Wall Street ahead of results from megacap growth companies.

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