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.

Indices closing for 22nd May 2024
Major Market Indices data
FII/DII Data
Nifty Gainers & Losers

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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