POST-MARKET SUMMARY 26th April 2024

On April 26, Indian equity indices concluded a volatile session in the negative territory, breaking a five-day winning streak as the Nifty dipped below 22,400. Despite receiving mixed global cues, the market initially opened positively. However, it swiftly reversed course, erasing all early gains and trading in negative territory for the remainder of the day, eventually closing near its low. With the exception of the auto, bank, and capital goods sectors, all other indices ended in positive territory, with oil & gas, healthcare, realty, and media registering gains ranging from 0.3% to 1%. 

NIFTY:  The index opened 50 points higher at 22,620 and made a high of 22,620 before closing at 22,419. Nifty has formed a Dark Cloud Cover kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,500 while immediate support is at 22,380.

BANK NIFTY: The index opened 166 points higher at 48,660 and closed at 48,201. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,500 while support is at 48,000.

Stocks in Spotlight 

▪  IndiGo:  Stock surged 3% after the company placed an order for 30 firm A350-900 aircraft from Airbus, which will enable the aviation major to expand its network.

▪  Olectra Greentech: Stock fell over 3% after the company posted a weak set of earnings for the March quarter.

▪  Tech Mahindra: Stock rallied 7% after the company's CEO and MD Mohit Joshi unveiled a three-year roadmap to turn around the IT services major’s slowing business, with an aim to drive better revenue growth than peer average and optimising margin improvement by FY27.

Global News 

▪  Gold was little changed on Friday ahead of a key U.S. inflation report, but prices were on track for their first weekly drop in six weeks on easing concerns of a major escalation of the Middle East crisis.

▪  The pan-European benchmark Stoxx 600 index was up 1.2% at 3:10 p.m. London time, with almost all sectors and major bourses in positive territory.

▪  Oil prices rose on Friday, on track to end higher this week after two straight weeks of losses, after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East.

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