POST-MARKET SUMMARY 2nd April 2024

On April 2, the Indian benchmark indices halted a three-day winning streak to conclude slightly lower. At the close, the Sensex slipped 110.64 points, marking a 0.15% decrease at 73,903.91, while the Nifty saw a fall of 8.70 points, equivalent to 0.04%, closing at 22,453.30. Despite an initially weak start, the market managed to recuperate; however, it predominantly remained in negative territory throughout the session. Final hour buying activity helped mitigate most of the losses. Notably, sectors such as realty, metal, oil & gas, media, power, and auto saw gains ranging from 1% to 2%. Conversely, the information technology and telecom indices observed declines of 0.5% each.

NIFTY:  The index opened flat at 22,458 and made a high of 22,497 before closing at 22,453. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,525 while immediate support is at 22,400.

BANK NIFTY: The index opened 88 points lower at 47,490 and closed at 47,545. Bank Nifty has formed a small indecisive candlestick on the daily chart. Its immediate resistance level is now placed at 47,700 while support is at 47,400.

Stocks in Spotlight

▪  CAMS:  Stock surged over 6% after it was reported that the company will manage the issuance of all digital insurance policies.

▪  IREDA:  Stock jumped 5% to hit the upper circuit following healthy quarterly business updates. IREDA recorded the highest number of loans sanctioned, coming in at Rs 37,354 crore for the financial year ended March 31, 2024.

▪  Bharat Dynamics: Stock declined a percent a day after the ammunitions and missile systems manufacturer reported a 5.6% decline in its turnover.

Global News

▪  European stocks drifted lower on Tuesday as major markets returned to action after the Easter weekend and investors looked ahead to the start of a new trading quarter.

▪  Gold prices rose to a fresh record high as demand from momentum-following funds offset a strong U.S. dollar and the possibility of higher-for-longer U.S. rates.

▪  The U.S. dollar hit its highest in almost five months on Tuesday as stronger-than-expected economic data caused investors to cut their bets on a June rate cut, thereby boosting the currency.

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