POST-MARKET SUMMARY 4th April 2024

On April 4, the Indian benchmark indices surged to all-time highs, but erased some of the gains before ultimately closing positively in a volatile trading session. This occurred just a day before the Reserve Bank of India (RBI) was set to announce its policy. The market opened with a gap-up, with the Sensex reaching 74,501.73 and the Nifty at 22,619, both record levels. However, these gains were quickly reversed in the early hours, leading to fluctuations between gains and losses throughout the day. Notably, sectors such as banking, power, and information technology saw gains of around 0.5-1%, while the PSU bank and oil & gas indices experienced declines of 0.7-1.6%.

NIFTY:  The index opened 158 points higher at 22,592 and made a high of 22,619 before closing at 22,514. Nifty has formed a small bearish candlestick with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 22,580 while immediate support is at 22,450.

BANK NIFTY: The index opened 462 points higher at 48,086 and closed at 48,060. Bank Nifty has formed a Doji pattern on the daily chart. Its immediate resistance level is now placed at 48,250 while support is at 47,900.

Stocks in Spotlight

▪  GM Breweries:  Stock plunged over 3% after the company reported a sharp decline in its EBITDA margin for the fourth quarter of FY24.

▪  Vedanta:  Stock surged 4% after delivering the highest-ever annual volume across key businesses.

▪  Aster DM Health: Stock zoomed 9% after the company concluded the separation of its India and Gulf Cooperation Council (GCC) businesses.

Global News

▪  Gold prices hit a new record on Thursday, breaking above $2,300 per ounce, as recent comments from Federal Reserve officials cemented market expectations that U.S. interest rates are eventually headed lower.

  Also Read: Gold Prices Hit Record High | Insights into the Recent Rally and Future Outlook

▪  The dollar hit a one-week low on Thursday as economic data supported expectations for rate cuts in the United States, while the battered yen was little changed against other majors.

▪  The Stoxx 600 was 0.16% higher by 2:00 p.m. London time, with sectors in mixed territory. Mining stocks gained 1.7%, while chemicals slipped 0.6%.

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