POST-MARKET SUMMARY 30th August 2024

On August 30, the benchmark indices maintained their positive momentum, closing at record highs, supported by a sharp rally in realty and pharma stocks. Among sectors, FMCG was the sole laggard as declines in ITC, Marico, and Dabur pulled the index down. The remaining 12 indices advanced, led by Realty, Pharma, and Healthcare, each up over 1%. Nifty IT extended its winning streak with a 0.5% gain, marking five consecutive sessions in the green. The Nifty Auto index also rose 0.6% and could attract further attention as OEMs prepare to announce their August sales figures later this week.

NIFTY:  The index opened 98 points higher at 25,249 and made a high of 25,268 before closing at 25,235. Nifty has formed a Doji-like candlestick pattern (not a classical one) on the daily chart. Its immediate resistance level is now placed at 25,270 while immediate support is at 25,170.

BANK NIFTY: The index opened 285 points higher at 51,437 and closed at 51,351. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,500 while support is at 51,100.

Stocks in Spotlight

▪  Patel Engineering: Stock jumped up to 6% on August 30 after the company said that it has signed a MoU with Rail Vikas Nigam Ltd.

▪  ITI: Stock jumped over 4% after the company secured its first Electronic Voting Machine (EVM) order from the State Election Commission (SEC) of West Bengal.

▪  Garden Reach Shipbuilders and Engineers: Stock jumped over 7% after it signed a MoU with National Highway Infrastructure Development Corporation for the fabrication, supply, and launching of Double-Lane Class 70 Modular Steel & Bailey bridges.

Global News

▪  The dollar held steady near a one-week high versus major peers on Friday, on track to snap a five-week losing streak after robust economic data caused investors to pare bets on aggressive Federal Reserve interest rate cuts.

▪  Oil prices slipped on Friday amid reports that OPEC+ would go ahead with a planned oil output hike in October.

▪  Asia-Pacific markets climbed on Friday after economic data from the U.S. calmed recessionary fears, while investors also assessed a slew of data from Japan.

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