POST-MARKET SUMMARY 22nd May 2024

On May 22, the Indian benchmark indices ended on a positive note, with Nifty reclaiming 22,600 in a volatile session ahead of the release of the Fed's latest meeting minutes.

On the sectoral front, realty and FMCG gained 1% each, while capital goods, IT, and media were up 0.5% each. Conversely, the bank index was down 0.5% and the metal index shed 0.4%.

NIFTY:  The index opened 47 points higher at 22,576 and made a high of 22,629 before closing at 22,597. Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 22,630 while immediate support is at 22,530.

BANK NIFTY: The index opened 65 points higher at 48,113 and closed at 47,781. Bank Nifty has formed a bearish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 48,000 while support is at 47,500.

Stocks in Spotlight

▪  Granules India: Stock surged nearly 5% in early trade after a block deal worth Rs 252.40 crore took place on the exchanges.

▪  BEML: Stock soared 9% after the company bagged an order worth Rs 250 crore from Northern Coal Fields Ltd for dump trucks.

▪  Gujarat State Fertilizers & Chemicals: Stock plunged almost 8% in trade after the state-run firm posted a 91% fall in net profit for the March quarter.

Global News

▪  European stocks opened lower on Wednesday, as regional markets continue to see-saw over the inflation outlook and the trajectory of interest rates.

▪  In the bond market, Treasury yields were rising ahead in the afternoon ahead of the release of the minutes from the Federal Reserve’s last meeting.

▪  In the currency market, the rupee appreciated by 3 paise to settle at 83.28 against the U.S. dollar amid softening crude oil prices.

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