POST-MARKET SUMMARY 30th May 2024

On May 30, bears tightened their control on Dalal Street as the benchmark indices extended their losing streak to five straight sessions, with Nifty finishing the May F&O expiry below 22,500.

At close, the Sensex was down 617.30 points or 0.83% at 73,885.60, and the Nifty was down 216 points or 0.95% at 22,488.70. Among sectors, the Bank index gained 0.5%, while the Auto, FMCG, Metal, IT, and Healthcare indices shed 1-2%.

NIFTY:  The index opened 87 points lower at 22,617 and made a high of 22,705 before closing at 22,488. Nifty has formed a bearish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 22,580 while immediate support is at 22,420.

BANK NIFTY: The index opened 188 points lower at 48,313 and closed at 48,682. Bank Nifty has formed a bullish candlestick pattern on the daily chart with a long upper shadow. Its immediate resistance level is now placed at 48,900 while support is at 48,500.

Stocks in Spotlight

▪  ISGEC Heavy Engineering: Stock plunged over 16%, a day after the company reported disappointing earnings for the March quarter with net profit down 17%.

▪  Lemon Tree Hotels: Stock jumped over 6%, after the company reported a strong March quarter performance, with operating revenue climbing 30%.

▪  Edelweiss Financial Services: Stock tanked 12% after the RBI imposed restrictions on two of its financial services entities, citing material supervisory concerns.

Global News

▪  Gold prices steadied on Thursday, with market participants awaiting key U.S. economic data that could shed some light on the Federal Reserve’s next interest rate moves.

▪  The dollar dipped on Thursday after rising to a two-week high as a rout in U.S. Treasuries pushed up yields, boosting the currency’s allure.

▪  Asia-Pacific markets extended losses on Thursday, tracking Wall Street’s moves ahead of a slew of economic data from the region on Friday.

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