POST-MARKET SUMMARY 3rd May 2024

On May 3rd, the Indian markets failed to maintain their opening gains amidst a volatile session, closing lower with the Nifty below 22,500 due to selling pressure in heavyweight stocks and across various sectors, except for metal. Initially opening on a positive note, the market traded in an upward direction for the first couple of hours. However, a sudden downturn wiped out the early gains, pushing the market into negative territory for the remainder of the session. Barring the metal sector, all other sectoral indices ended in the red, with capital goods, realty, telecom, and PSU Bank declining by 1% each, while oil & gas, auto, Information Technology, and Media witnessed a decline of 0.5% each.

NIFTY:  The index opened 118 points higher at 22,766 and made a high of 22,794 before closing at 22,475. Nifty has formed a long bearish candlestick pattern with a small lower shadow on the daily chart. Its immediate resistance level is now placed at 22,540 while immediate support is at 22,350.

BANK NIFTY: The index opened 144 points higher at 49,375 and closed at 48,923. Bank Nifty has formed a long bearish candlestick with both upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 49,130 while support is at 48,650.

Stocks in Spotlight

▪  Ajanta Pharma: Stock surged over 6% after the company reported stellar earnings in the Mach quarter and announced buyback plans.

▪  MRF:  Stock fell 4% after the company’s consolidated net profit fell in the March quarter.

▪  Bharat Forge: Stock slipped nearly 2% after class 8 truck orders in the North American regions plunged to a nine-month low in April.

Global News

▪  Gold prices were poised for a second straight weekly decline, although bullion held steady on Friday as investors digested the latest U.S. non-farm payrolls data.

▪  The dollar fell in today’s session after data showed that U.S. employers added fewer jobs than expected in April, while wage inflation was also slightly cooler than expected.

▪  Oil prices edged higher on Friday, but headed for their steepest weekly loss in three months as uncertainty about demand and high interest rates drove a sell-off limited by the prospect OPEC+ will continue to curb output.

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