POST-MARKET SUMMARY 22nd March 2024

On March 22, the equity benchmarks concluded the day with gains, marking a third consecutive session of positive momentum driven by buying across sectors, except for information technology. The market commenced on a lower note, influenced by weakness in information technology stocks following a downward revision in full-year revenue growth projection by tech giant Accenture. However, purchasing activity in other sectoral indices managed to offset these initial losses. Sectors such as metal, auto, realty, FMCG, capital goods, healthcare, and power witnessed gains ranging from 0.5% to 1%, while the information technology index experienced a decline of 2%.

NIFTY:  The index opened 79 points lower at 21,932 and made a high of 22,180 before closing at 22,096. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,150 while immediate support is at 22,000.

BANK NIFTY: The index opened 50 points lower at 46,634 and closed at 46,863. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,000 while support is at 46,650.

Stocks in Spotlight

▪  Prestige Estates: Stock surged 4.9% after the company acquired 62.5 acres of land in Indirapuram Extension, NCR.

▪  Bharat Dynamics: Stock gained 1.4% after the company's board approved a split of its shares and also declared an interim dividend for FY23-24.

▪  TCS: Stock saw selling pressure after tech giant Accenture cut revenue guidance as uncertain economy makes clients slash spending on consulting services.

Global News

▪  Gold prices slipped on Friday due to a stronger dollar, although they were set for a fourth weekly gain in five as the U.S Federal Reserve’s decision to retain its interest rate-cut projections for 2024 bolstered bullion’s appeal.

▪  The U.S. dollar was set for a second week of broad gains on Friday, with even a rate hike in Japan unable to halt its march, and a surprise cut in Switzerland highlighting the gap between the Federal Reserve and global peers in interest rate settings.

▪  Oil prices were little changed on Friday, with global benchmark Brent hovering above $85 per barrel, as the possibility of a ceasefire in Gaza gained traction.

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