POST-MARKET SUMMARY 27th March 2024

On March 27, the market rebounded from the previous session's losses, buoyed by purchasing in heavyweight stocks and sectors like auto, realty, power, and capital goods. Despite mixed global cues, the market commenced positively and sustained its upward trajectory throughout the day. This momentum was propelled by a narrowed Current Account Deficit (CAD) at $10.5 billion in the third quarter and increased buying in heavyweight stocks. Notably, sectors such as auto, bank, capital goods, power, realty, and telecom saw gains of 0.5-1%, while metal, IT, and media experienced declines of 0.3-0.5%.

NIFTY:  The index opened 49 points higher at 22,053 and made a high of 22,193 before closing at 22,123. Nifty has formed a bullish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 22,200 while immediate support is at 22,050.

BANK NIFTY: The index opened 43 points higher at 46,643 and closed at 46,785. Bank Nifty has formed a bullish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 47,000 while support is at 46,350.

Stocks in Spotlight

▪  Coal India:  Stock slipped 1% after a large containership crashed into the Baltimore bridge, shutting down the second largest exit point for coal shipments from the US for now.

▪  Wockhardt:  Stock jumped 5% and got locked in the upper circuit after funds managed by ace investors Madhusudan Kela and Prashant Jain invested in the company's Rs 480-crore qualified institutional placement.

▪  Astrazeneca Pharma: Stock gained nearly 4% a day after the company said it received permission from the Central Drugs Standard Control Organisation to import, sell and distribute Trastuzumab deruxtecan lyophilized powder concentrate for solution for infusion 100mg (Enhertu).

Global News

▪  The yen dropped to its lowest level since 1990 on Wednesday, into a zone that triggered intervention by Japanese authorities in 2022, prompting the finance minister to warn Japan would take “decisive steps” against excessive currency moves.

▪  Gold prices edged higher on Wednesday as investors awaited U.S. inflation data that could offer fresh clues about when the Federal Reserve will start easing its monetary policy.

▪  Oil prices fell for a second day on Wednesday on surging U.S. stockpiles and signs that OPEC+ is unlikely to change its output policy at a technical meeting next week.

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