POST-MARKET SUMMARY 5th April 2024

On April 5, Nifty remained steady in a volatile trading session following the decision of the Monetary Policy Committee of the Reserve Bank of India (RBI) to leave the key repo rate unchanged at 6.5%. However, the midcap index continued its upward trend for the tenth consecutive day. This marked the seventh consecutive instance where the RBI MPC opted to keep interest rates unaltered, maintaining the monetary stance at "withdrawal of accommodation" in the first meeting of FY25.

Also Read: RBI Policy Outcome | Market Insights & Forecasts

Furthermore, geopolitical tensions, escalating crude oil prices, and subdued global signals added to the downward pressure on sentiment.  Amongst broader indices apart from banking, the FMCG and realty indices saw gains of 0.5-1.5%, whereas Information Technology and Media witnessed a decline of 0.4% each.

NIFTY:  The index opened 28 points lower at 22,486 and made a high of 22,537 before closing at 22,513. Nifty has formed a small bodied bullish candlestick pattern with small upper & lower shadow on the daily chart. Its immediate resistance level is now placed at 22,550 while immediate support is at 22,450.

BANK NIFTY: The index opened 44 points higher at 48,104 and closed at 48,493. Bank Nifty has formed a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,640 while support is at 48,250.

Stocks in Spotlight

▪  Marico:  Stock gained more than 3% after the company in its Q4 update said its international business has reverted to clocking double-digit constant currency growth.

▪  Globus Spirits:  Stock jumped over 3% after the company announced a joint venture with ANSA McAL, a Trinidad and Tobago headquartered brand, for beer production and distribution in India.

▪  Ultratech Cement: Stock declined nearly 2% despite the company commissioning a 100-MW solar energy project in Rajasthan.

Global News

▪  U.S. Treasury yields moved slightly higher on Friday morning ahead of closely watched non-farm payrolls data for March.

▪  Gold prices were headed for their third straight week of gains on Friday ahead of the much-awaited U.S. non-farm payrolls data, supported by strong safe-haven inflows and prospects for lower U.S. interest rates this year.

▪  European markets were lower on Friday as investors wrapped up a lackluster first trading week of the new quarter.

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