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.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.