POST-MARKET SUMMARY 28th May 2024

On May 28, after reaching record highs in the previous session, the Indian benchmark indices remained in consolidation mode. At close, the Sensex was down 220.05 points or 0.29% at 75,170.45, and the Nifty was down 44.30 points or 0.19% at 22,888.15.

On the sectoral front, Oil & Gas, Capital Goods, Telecom, PSU Bank, Power, and Realty declined by 1-2%. However, the pharma index rose by 0.5%.

NIFTY:  The index opened 45 points higher at 22,977 and made a high of 22,998 before closing at 22,888. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,950 while immediate support is at 22,800.

BANK NIFTY: The index opened 109 points higher at 49,390 and closed at 49,142. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 49,350 while support is at 48,930.

Stocks in Spotlight

▪  Timken India: Stock rose 3.5% after a 6.65% stake changed hands in a block deal on the stock exchanges.

▪  NALCO: Stock jumped 6% in morning trade to hit an all-time high of Rs 206.30, after the PSU reported strong earnings for the March quarter.

▪  LIC: Stock gained over 2%, after the state-insurer reported better-than-expected March quarter performance.

Global News 

▪  The pan-European Stoxx 600 index was down 0.4% by 2:00 p.m. London time, with the majority of sectors trading in the red. Travel and leisure stocks fell 1.7% while banks rose 0.05%.

▪  Gold prices slipped on Tuesday with investors booking profits after a recent rally, amid pressure from the reduced probability of Federal Reserve rate cuts.

▪  The dollar edged down on Tuesday, but remained in tight ranges against peers, ahead of key inflation data from major economies this week that could inform the global interest rate outlook.

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