POST-MARKET SUMMARY 5th June 2024
On June 5, benchmark equity indices rebounded as two key allies pledged their support to form a new government with the BJP, boosting investor confidence in political stability and continuity. All sectoral indices ended higher, with Nifty Private Bank soaring over 5%. Nifty Auto, Bank, and FMCG indices gained over 4% each, and other sectoral indices also rose up to 3%.
Also Read: FMCG Sector on Fire: Consumption Boom & Investment Opportunities (2024)
NIFTY: The index opened 244 points higher at 22,128 and made a high of 22,670 before closing at 22,620. Nifty has formed a long bullish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 22,700 while critical support is at 22,450.
BANK NIFTY: The index opened 558 points higher at 47,486 and closed at 49,054. Bank Nifty has formed a long bullish candlestick pattern with a lower shadow on the daily timeframe. Its immediate resistance level is now placed at 49,400 while support is at 48,500.
Stocks in Spotlight
▪ Angel One: Stock surged 5% after the company shared strong monthly business update. The broking firm's client base increased significantly by 63% in May.
▪ Nazara Technologies: Stock gained over 3% after the company announced that its subsidiary will acquire all the assets of SoapCentral.com, a US entertainment content destination, for Rs 11.6 crore in an all-cash deal.
▪ Amara Raja Energy & Mobility: Stock soared up to 13% after news reports stated that TDP chief Chandrababu Naidu is poised to become Andhra Pradesh CM after the regional party's landslide victory in election and alliance with BJP.
Global News
▪ Gold prices edged higher on Wednesday, helped by weakness in the U.S. dollar and Treasury yields after private payroll data came in lighter than expected.
▪ The pan-European Stoxx 600 was up 0.9% by 2:40 p.m. in London, with all major bourses and the majority of sectors in the green. Tech stocks led gains, up 3.25%, while mining stocks fell 0.38%.
▪ Sterling edged up versus the dollar on Wednesday ahead of key U.S. economic data, while market participants mull over the impact of a potential victory for the Labour Party in next month’s general elections.
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