POST-MARKET SUMMARY 4th March 2024

On March 4, the market ended higher for the fourth consecutive session, albeit lower than the day's peak, influenced by mixed global signals and optimism stemming from robust Q3 growth. The broader market exhibited a mixed trend, with the BSE midcap gaining 0.3%, while the small cap index declined by 0.8%. Notable movements were seen in sectoral indices, with Nifty oil & gas surging by 1.8%, while Nifty bank and PSU indices showed gains of 0.3% each. 

NIFTY:  The index opened 25 points higher at 22,403 and made a high of 22,440 before closing at 22,405. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,450 while immediate support is at 22,360. 

BANK NIFTY: The index opened 32 points higher at 47,318 and closed at 47,456. Bank Nifty has formed a bullish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 47,550 while support is at 47,200.

Stocks in Spotlight

▪  Moil: Stock surged 6.8% after the manganese ore mining company reported a 15% YoY jump in February production.

▪  HAL: Stock jumped 1.8% after the company bagged a Rs 5,250-crore contract from the Ministry of Defence.

▪  NTPC: Stock jumped 3.7% after the company’s board gave investment approval to Singrauli super thermal power project, Stage III (2x800 MW).

Global News

▪  U.S. Treasury yields were higher on Monday as investors considered the state of the economy and looked ahead to key economic data slated for this week.

▪  Oil prices ticked lower on Monday after oil cartel OPEC+ agreed to extend voluntary output reductions until the second quarter.

▪  The U.S. dollar drifted weaker on Monday, pressured by lower Treasury yields, as traders waited for more crucial economic data for fresh clues on the timing of Federal Reserve interest rate cuts.

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