POST-MARKET SUMMARY 24th May 2024

On May 24, in a rangebound trading session, the Indian markets hit fresh record highs, with Nifty surpassing the 23,000 mark for the first time. However, it failed to hold onto the higher levels and ended with little change.

Among sectors, oil & gas, capital goods, telecom, and media were up by 0.5-2%, while FMCG, healthcare, IT, metal, and realty were down by 0.5% each.

NIFTY:  The index opened 37 points lower at 22,930 and made a high of 23,026 before closing at 22,957. Nifty has formed a small bullish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 23,030 while immediate support is at 22,900.

BANK NIFTY: The index opened 100 points lower at 48,668 and closed at 48,971. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 49,100 while support is at 48,600.

Stocks in Spotlight

▪  Finolex Cables: Stock surged 12% on the back of strong March quarter results, which beat Street estimates.

▪  Bayer Cropscience: Stock sank 6% after the chemical manufacturing player's net profit tanked 40% in the March quarter.

▪  Bikaji Foods International: Stock rose over 3% after the company posted a massive 200% jump in net profit at Rs 116.28 crore in the March quarter, compared to Rs 38.67 crore YoY.

Global News

▪  Gold prices rose on Friday, but were headed for their first weekly fall in three as expectations for interest rate cuts began to fade following the hawkish tone adopted in the U.S. Federal Reserve’s latest minutes.

▪  The dollar headed for its largest weekly rise in a month-and-a-half on Friday as surprisingly strong U.S. economic data has left markets on edge about the outlook for U.S. inflation and interest rates.

▪  Oil prices were stable on Friday as investors considered the latest comments from the U.S. Federal Reserve on interest rates amid sticky inflation, while signs of firming seasonal U.S. fuel demand lent support.

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