POST-MARKET SUMMARY 29th May 2024

On May 29, the Indian equity market continued its losing streak for the fourth consecutive session, with Nifty slipping to 22,700 amid selling in the oil & gas, IT, realty, and banking sectors. The market opened on a negative note amid weak global cues and extended its losses throughout the day.

Sectoral performance was mixed: capital goods, telecom, healthcare, metal, and power ended in the green, while auto, bank, FMCG, IT, oil & gas, and realty declined by 0.3-1%.

NIFTY:  The index opened 126 points lower at 22,762 and made a high of 22,825 before closing at 22,704. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,800 while immediate support is at 22,640.

BANK NIFTY: The index opened 356 points lower at 48,786 and closed at 48,501. Bank Nifty has formed a bearish candlestick pattern on the daily timeframe with an upper shadow on the daily chart. Its immediate resistance level is now placed at 48,700 while support is at 48,250.

Stocks in Spotlight

▪  Suzlon Energy: Stock gained 5%, after the firm bagged a 551.25-MW wind power project from the Aditya Birla Group.

▪  PNB Housing Finance: Stock slumped over 6% after ~2.7% equity changed hands on the bourses via block deal.

▪  MTAR Technologies: Stock plunged 10% after the defence player reported a sharp fall in net profit for the March quarter, down 53% YoY.

Global News

▪  U.S. Treasury yields advanced for another day on Wednesday, as investors considered the state of the economy and digested a poor auction on the five-year note.

▪  Gold prices fell on Wednesday as a stronger dollar, higher bond yields and hawkish comments from a Federal Reserve official weighed on market sentiment as it braced for the release of U.S. inflation data.

▪  Oil prices held firm on Wednesday on expectations that major producers will maintain production cuts at a meeting this Sunday.

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