POST-MARKET SUMMARY 30th April 2024

On April 30, the market wiped out all intraday gains after hitting a fresh high, ultimately closing lower due to selling pressure in the IT, metal, media, and oil & gas sectors. By the session's end, the Sensex experienced a decline of 188.50 points or 0.25%, settling at 74,482.78, while the Nifty saw a drop of 38.60 points or 0.17%, closing at 22,604.80. Among sectors, IT, metal, media, and oil & gas observed declines of 0.4% to 1%, whereas auto, power, and realty registered gains of over 1% each. 

Also Read: Nifty Hits New High Before Settling Lower | Insights & Outlook

NIFTY:  The index opened 36 points higher at 22,679 and made a high of 22,783 before closing at 22,604. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,660 while immediate support is at 22,520.

BANK NIFTY: The index opened 53 points higher at 49,477 and closed at 49,396. Bank Nifty has formed a small-bodied bearish candlestick with long upper shadow on the daily chart. Its immediate resistance level is now placed at 49,600 while support is at 49,050.

Stocks in Spotlight

▪  Jana Small Finance Bank: Stock hit 20% upper circuit as investors cheered the lender's plans to apply for a universal bank license by May-June 2025.

▪  Tata Chemicals:  Stock fell as much as 3%, bogged down by the company's weak earnings performance in the January-March quarter.

▪  SBFC Finance: Stock fell 5% after a block deal worth Rs 534 crore took place on the exchanges.

Global News

▪  Safe-haven gold was poised for a third consecutive monthly gain as geopolitical risks and central bank demand lifted bullion’s appeal, although prices fell on Tuesday as market focus shifted to the Federal Reserve’s policy meeting.

▪  European markets were lower on Tuesday as a flurry of earnings and key data points were released.

▪  The yen dropped against the dollar on Tuesday, giving up some of its sharp gains the previous day sparked by suspected intervention by Japanese authorities.

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