POST-MARKET SUMMARY 27th August 2024
On August 27, Indian markets failed to sustain early gains and ended the session on a flat note. This follows a nearly 1% rise in the previous session, driven by hopes of an imminent rate cut at the Federal Reserve's upcoming September meeting, after Jerome Powell hinted at the need for policy adjustments in his Jackson Hole speech.
Among sectors, FMCG was the worst hit, slipping over 1%, followed by energy, automobiles, and metals, which declined by 0.1-0.6%. Conversely, banks, pharma, and realty indices gained 0.2-0.8%.
Meanwhile, in the primary market, the grey market premium for the Premier Energies IPO has soared to 80%. Get a detailed analysis of the IPO here.
NIFTY: The index opened flat at 25,024 and made a high of 25,073 before closing at 25,017. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,080 while immediate support is at 24,860.
BANK NIFTY: The index opened 66 points higher at 51,214 and closed at 51,278. Bank Nifty has formed an indecisive candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 51,400 while support is at 50,950.
Stocks in Spotlight
▪ Ceigall India: Stock rose as much as 7% intraday as investors cheered for the company's upbeat earnings for the April-June quarter.
▪ Medi Assist Healthcare: Stock jumped 7.5% after the company announced that its wholly-owned subsidiary, Medi Assist Insurance TPA, will acquire a full stake in Paramount Health Services & Insurance TPA for Rs 311.8 crore.
▪ Zee Entertainment: Stock surged 11.6% after the media firm said it has entered into an agreement to settle all disputes with Sony regarding the termination of merger.
Global News
▪ Gold prices eased on Tuesday, consolidating near record highs reached last week, as investors sought clarity on the magnitude of an imminent interest rate cut from the Federal Reserve ahead of an inflation report due this week.
▪ The pound climbed to its strongest level against the U.S. dollar in more than two years and other major currencies also gained as a pause in rising oil prices helped investors reverse the previous session’s shift towards the dollar.
▪ Asia-Pacific markets largely fell on Tuesday, tracking losses in the S&P 500 and the Nasdaq overnight, while investors assessed industrial profit data out of China.
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