POST-MARKET SUMMARY 2nd May 2024

On May 2, Indian markets rebounded from some of the losses seen in the previous session, closing higher with the Nifty hovering around 22,650. This followed as investors absorbed the comments from the Fed Chair regarding a potential rate hike, following the decision to maintain key interest rates unchanged in the May 1 meeting. The Sensex concluded the day with a gain of 128.33 points, equivalent to a 0.17% increase, reaching 74,611.11, while the Nifty rose by 43.35 points, or 0.19%, closing at 22,648.20. In terms of sectors, auto, metal, oil & gas, and power all surged by 1%, whereas bank and realty indices finished slightly in the negative.

NIFTY:  The index opened 37 points lower at 22,567 and made a high of 22,710 before closing at 22,648. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,700 while immediate support is at 22,620.

BANK NIFTY: The index opened 134 points lower at 49,262 and closed at 49,231. Bank Nifty has formed a small bodied bearish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 49,400 while support is at 49,050

Stocks in Spotlight

▪  Ashok Leyland:  Stock surged 4% after the company's combined sales of M&HCV and LCV units (including exports) amounted to 14,271 units, marking a 10% increase from the same period last year.

▪  Bajaj Auto: Stock advanced 2% after the company posted robust monthly sales in April.

▪  Godrej Industries: Stock fell 7% after the founding family reached an agreement to split the 127-year-old conglomerate into two branches.

Global News

▪  Gold prices edged higher for a second straight session on Thursday after the Federal Reserve indicated that it is still leaning toward eventual rate cuts, while investors’ focus pivoted toward the U.S. non-farm payrolls data.

▪  European stocks were slightly lower on Thursday as global markets reacted to the U.S. Federal Reserve’s latest monetary policy decision and a slew of corporate earnings.

▪  The yen fell slightly against the dollar on Thursday, reversing direction after a sudden surge late on Wednesday that traders and analysts were quick to attribute to intervention by Japanese authorities.

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