POST-MARKET SUMMARY 27th May 2024

On May 27, the record run continued on Dalal Street as benchmark indices reached new all-time highs, driven by buying in realty, banking, and IT stocks. Buoyed by positive global markets, the Indian indices opened on a positive note and extended gains throughout the day, with the Sensex and Nifty crossing 76,000 and 23,100 for the first time. However, last-hour selling erased all the day's gains.

Sectorally, banking, realty, and IT indices each gained 0.5%, while oil & gas, power, and media were down 0.5-1%.

NIFTY:  The index opened 81 points higher at 23,038 and made a high of 23,110 before closing at 22,932. Nifty has formed a bearish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 23,000 while immediate support is at 22,850.

BANK NIFTY: The index opened 134 points higher at 49,105 and closed at 49,281. Bank Nifty has formed a bullish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 49,500 while support is at 49,000.

Stocks in Spotlight

▪  Cochin Shipyard: Stock jumped over 3% to hit a new high of Rs 2,100 on the NSE on the back of robust March quarter earnings.

▪  Karnataka Bank: Stock slipped over 2%, after the lender reported weak earnings for the March quarter.

▪  Ashok Leyland: Stock rallied 8% to hit an all-time high of Rs 222.85, after the Street cheered its robust March quarter performance.

Global News 

▪  Gold prices on Monday drifted higher from a two-week low hit in the previous session as traders gauged fading hopes of U.S. interest rate cuts ahead of a key inflation report due later this week.

▪  Asia-Pacific markets rose on Monday as industrial profits in China rose during the first four months of the year.

▪  European markets ticked higher in mid-morning trade as traders searched for direction on a quiet day for markets.

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