POST-MARKET SUMMARY 23rd April 2024

On April 23, the Indian market wiped out most of the day's gains in last-hour selling, but managed to close with modest gains, marking the third consecutive session of increase. By close, the Sensex showed an uptick of 89.83 points, equivalent to 0.12%, reaching 73,738.45, while the Nifty rose by 31.60 points, or 0.14%, to 22,368. Sector-wise, healthcare, metal, oil & gas, and energy observed declines of 0.3-0.8%, whereas FMCG, power, IT, realty, and auto saw gains of 0.4-2%.

NIFTY:  The index opened 111 points higher at 22,447 and made a high of 22,447 before closing at 22,368. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,425 while immediate support is at 22,300.

BANK NIFTY: The index opened 375 points higher at 48,299 and closed at 47,970. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,150 while support is at 47,650.

Stocks in Spotlight

▪  Tejas Networks:  Stock jumped 20% and got locked in the upper circuit after the company reported strong Q4 earnings.

▪  Vodafone Idea: Stock rallied over 11% after the company's follow-on public offer (FPO) concluded with 6.36 times subscription.

▪  Hatsun Agro: Stock advanced over 8% after the Chennai-based company's net profit doubled on year to Rs 52 crore in the January-March quarter.

Global News

▪  Gold prices extended losses for a second day to hit a more than two-week low on Tuesday as diminishing fears about an escalation of tensions in the Middle East prompted investors to book profits ahead of key U.S. economic data this week.

▪  A firm U.S. dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan’s rate decision this week.

▪  The pan-European benchmark Stoxx 600 index was up 0.8% by 2:00 p.m. London time, with the majority of sectors trading in positive territory. Retail stocks led gains, rising 2%, while mining stocks fell 1.4%.

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