POST-MARKET SUMMARY 31st May 2024

On 31^st May, the market experienced extreme volatility ahead of the GDP data announcement later today and the Lok Sabha general election 'Exit Poll' on June 1. Despite mixed global cues, the market opened positively, with Nifty starting the June F&O series above 22,550. It witnessed rangebound movement but ended higher, snapping a five-day losing streak.

Among sectors, metal, power, telecom, and realty were up 1-2%, while media, FMCG, healthcare, and information technology indices were down 0.3-1%.

NIFTY:  The index opened 80 points higher at 22,568 and made a high of 22,653 before closing at 22,530. Nifty has formed a bearish candlestick pattern on the daily chart, with long upper and lower shadows. Its immediate resistance level is now placed at 22,650 while immediate support is at 22,470.

BANK NIFTY: The index opened 213 points higher at 48,895 and closed at 48,983. Bank Nifty has formed a small bullish candlestick pattern on the daily chart, with a long lower shadow. Its immediate resistance level is now placed at 49,200 while support is at 48,500.

Stocks in Spotlight

▪  Sunteck Realty: Stock gained nearly 3%, after the company released its Q4 results but ended the day lower as investors rushed to book profits.

▪  Welspun Corp: Stock tanked 9% after the firm's guidance for FY25 fell under the Street's expectations.

▪  Persistent Systems: Stock fell over 3% after the information technology major Salesforce lowered its guidance for FY25.

Global News

▪  European stocks moved higher on Friday afternoon as investors digested fresh euro zone inflation data and its implications for next week’s European Central Bank rate decision.

▪  Gold prices were set for a fourth straight monthly gain, even as the market struggled for momentum on Friday ahead of a key U.S. inflation reading that could provide more indications on how the Federal Reserve might proceed with rate cuts later this year.

▪  The dollar slid on Friday as traders await key inflation data after a downward revision to first-quarter U.S. economic growth suggested the Federal Reserve could still be on track to cut interest rates this year.

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