POST-MARKET SUMMARY 24th April 2024

On April 24, the Sensex and Nifty flattened out after initial morning gains, whereas the midcap and smallcap indices continued their ascent. The Sensex closed up by 0.2%, marking a gain of 114 points, ending at 73853 from its intraday high of 74121, which was a rise of 370 points. The Nifty finished 0.15% higher at 22402 from its intraday peak of 22476, up by nearly 75 points. Among sectoral indices, BSE Metal witnessed a surge of 2.8%, followed by BSE Commodities and Healthcare, which rose by 1.6% and 1%, respectively. Conversely, the BSE Telecommunication index experienced a loss of 1.6%, trailed by BSE IT and BSE Tech indices, both down by 1%.

NIFTY:  The index opened 53 points higher at 22,421 and made a high of 22,476 before closing at 22,402. Nifty has formed a small bearish candlestick pattern with a minor upper shadow on the daily chart. Its immediate resistance level is now placed at 22,480 while immediate support is at 22,350.

BANK NIFTY: The index opened 150 points higher at 48,120 and closed at 48,189. Bank Nifty has formed an Inside Bar pattern on the daily chart, which resembles a Bullish Harami kind of candlestick pattern. Its immediate resistance level is now placed at 48,300 while support is at 48,000.

Stocks in Spotlight

▪  Zydus Lifesciences: Stock slipped 2% after the US Food & Drug Administration (FDA) issued 10 observations for the drugmaker's injectables manufacturing unit in Gujarat's Vadodara.

▪  Crafts Automation:  Stock surged 7% after the company announced that its board would consider the proposal for a fund-raise in its upcoming meeting on April 27.

▪  MCX: Stock plunged over 4% after the company’s Q4 earnings fell below street estimates.

Global News

▪  The pan-European benchmark Stoxx 600 index was 0.2% lower at 3 p.m. London time, with sectors trading in the mixed territory. Tech stocks jumped 2.1% while financial services were down 1.5%.

▪  Japan’s Nikkei 225 led gains in Asia as markets in the region rose across the board, following Wall Street’s continued rally for a second straight day.

▪  Gold prices steadied on Tuesday after hitting a more than two-week low on diminishing fears about an escalation of tensions in the Middle East, with investors awaiting key economic data for further clarity on the timeline on U.S. interest rate cuts.

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