On May 6, the Nifty 50 remained within a range throughout the session, closing lower for the second consecutive day. Top Gainer: BRITANNIA | Top Loser: TITAN

Liquide Post-Market Summary 6th May 2024

On May 6, the Nifty 50 remained within a range throughout the session, closing lower for the second consecutive day. There's a growing bearish sentiment as sellers outnumber buyers, leading to increased volatility, which reached a 15-month high. Despite an attempt to reach 22,600 on Monday, selling pressure erased all gains amid the volatile market conditions. The Nifty Realty index surged by 2.76%, while the Nifty PSU Bank index plummeted by 3.66%. Sectors such as consumer durables and oil & gas saw declines of 2.55% and 1.75%, respectively.

NIFTY:  The index opened 86 points higher at 22,561 and made a high of 22,588 before closing at 22,442. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,530 while immediate support is at 22,400.

BANK NIFTY: The index opened 251 points higher at 49,174 and closed at 48,895. Bank Nifty has formed a bearish candlestick pattern on the daily timeframe. Its immediate resistance level is now placed at 49,200 while support is at 48,685.

Indices closing for 6th May 2024
Major Market Indices data
Nifty Gainers & Losers

Stocks in Spotlight

▪  Britannia:  Stock jumped 6% even though the company’s net profit fell more than expected, down nearly 4% compared to the year-ago quarter.

▪  Paytm: Stock fell 5% and hit the lower circuit after the digital payments and financial services firm announced the resignation of its COO and President, Bhavesh Gupta.

▪  IndusInd Bank: Stock gained nearly 1% after reports suggested that promoter company IndusInd International Holding (IIHL) will raise its stake in the lender to 26% from 16%.

Global News

▪  U.S. Treasury yields were lower on Monday, adding to the declines seen on Friday after the April jobs report showed weaker-than-expected payrolls growth.

▪  Gold prices gained on Monday, deriving support from a soft U.S. dollar after a weaker-than-expected jobs report revived expectations that Federal Reserve will cut interest rates this year.

▪  Asia-Pacific markets tracked Wall Street gains on Monday as a softer-than-expected U.S. jobs report fuelled hopes that the Federal Reserve could start cutting rates soon.

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