POST-MARKET SUMMARY 23rd May 2024

On May 23, bulls were back in action on Dalal Street as benchmark indices, Nifty and the Sensex, hit fresh record highs of 22,993.60 and 75,499.91 intraday, respectively. The Nifty closed just shy of the coveted 23,000 mark, with buying seen across most sectors, despite hawkish Fed minutes. All sectoral indices, except metal and pharma, ended in the green, with auto, bank, and capital goods sectors each up 2%.

The Reserve Bank of India’s (RBI’s) announcement of a substantial dividend payout of Rs 2.1 lakh crore for FY24 also boosted sentiment. Read more at: RBI Approves Highest-Ever Dividend Payout To Govt

NIFTY:  The index opened flat at 22,614 and made a high of 22,993 before closing at 22,967. Nifty has formed a long bullish candle on daily chart. Its immediate resistance level is now placed at 23,000 while immediate support is at 22,850.

BANK NIFTY: The index opened 118 points higher at 47,899 and closed at 48,768. Bank Nifty has formed a bullish candlestick pattern with a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,900 while support is at 48,600.

Stocks in Spotlight

▪  Jio Financial Services: Stock gained 3% after the company stated that it is seeking shareholder approval to attract foreign investments, including foreign portfolio investments, up to 49% through equity.

▪  Taj GVK Hotels: Stock soared 6% after the company reported a 81% on-year spike in net profit to Rs 26 crore for Q4 FY24.

▪  Garden Reach Shipbuilders: Stock surged 19% as investors cheered the company's robust March quarter results.

Global News

▪  Gold prices declined to a one-week low on Thursday, extending their fall for a third consecutive session on profit-booking after minutes from the U.S. Federal Reserve’s latest meeting indicated that interest rates would stay higher for longer.

▪  European markets were slightly higher on Thursday as traders digested the minutes of the last U.S. Federal Reserve meeting.

▪  The pound held broadly steady on Thursday near multi-month highs a day after British Prime Minister Rishi Sunak called a national election and data showed inflation did not slow as much as expected in April.

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