POST-MARKET SUMMARY 29th April 2024

On April 29, the market saw a sharp rebound, nullifying all losses from the previous session, as Nifty concluded above 22,600 amidst widespread buying across sectors, excluding realty. Benefitting from positive global cues, the market initiated the day on a positive trajectory and continued to move higher as the day progressed, primarily driven by financials, resulting in benchmarks closing near their intraday highs. Barring realty, all other sectoral indices closed in positive territory, witnessing gains ranging from 0.4% to 2% in healthcare, metal, power, bank, and oil & gas.

NIFTY:  The index opened 56 points higher at 22,475 and made a high of 22,655 before closing at 22,643. Nifty has formed a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,700 while immediate support is at 22,600.

BANK NIFTY: The index opened 158 points higher at 48,359 and closed at 49,424. Bank Nifty has formed a big bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 49,500 while support is at 49,050.

Stocks in Spotlight

▪  ICICI Bank: Stock jumped 4% after the company posted a strong set of earnings for the March quarter.

▪  BSE:  Stock plunged 13% after Sebi asked the exchange to pay the regulatory fee based on the notional value of its options contracts and not based on the premium value.

▪  IREDA: Stock jumped 6% after the company achieved the 'Navratna' status from the Department of Public Enterprises.

Global News

▪  Gold prices rose on Monday helped by a softer U.S. dollar, while investors waited for the Federal Reserve policy meeting and U.S. non-farm payrolls data due this week for policy clues.

▪  European markets were higher on Monday as investors look ahead to more central bank decisions, earnings and data this week.

▪  The U.S. dollar was a shade softer in early deals on Monday, thinned by a holiday in Japan, though the yen, euro and sterling stayed near the bottom of the ranges hit during Friday’s volatile session.

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