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. Top Gainer: HDFCBANK | Top Loser: ONGC
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%.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.