POST-MARKET SUMMARY 5th March 2024

On March 5, the Indian equity benchmarks snapped their four-day winning streak by closing lower amidst mixed global cues and selling pressure in IT and FMCG sectors during a highly volatile trading session. The market commenced with a negative sentiment and sustained losses throughout the day, although a surge in buying activity during the latter half of the session helped mitigate the losses. Sector-wise, there was a mixed trend observed: the auto index rose by 1.3%, PSU Bank index surged by 2.5%, and the oil & gas, power, and realty sectors each saw gains of 0.5%. Conversely, the IT and FMCG indices experienced declines of 1% each.

NIFTY:  The index opened 34 points lower at 22,371 and made a high of 22,416 before closing at 22,356. Nifty has formed a Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,420 while immediate support is at 22,270. 

BANK NIFTY: The index opened 191 points lower at 47,265 and closed at 47,581. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,800 while support is at 47,400.

Stocks in Spotlight

▪  IIFL Finance: Stock slumped 20% and hit the lower circuit after the RBI asked the company to stop sanctioning or distributing gold loans due to material supervisory concerns.

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

▪  Infibeam Avenues: Stock surged 5.7% a day after the AI-powered fintech company received the final authorisation from the Reserve Bank of India to operate as a payment aggregator under the Payment Settlements Act, 2007 for CCAvenue.

Global News

▪  Gold prices headed towards record highs on Tuesday, driven by mounting hopes of the Federal Reserve’s first interest rate cut in June as investors awaited Chair Jerome Powell’s speech and a key jobs data for further guidance.

▪  European stocks were lower Tuesday as markets struggle to find positive momentum ahead of the European Central Bank meeting later this week.

▪  The dollar held steady against the euro on Tuesday as investors looked towards the European Central Bank’s rate decision and U.S. jobs numbers later in the week.

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