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.

Indices closing for 5th March 2024
Major Market Indices data
FII/DII Data
Nifty Gainers & Losers

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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