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.

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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