POST-MARKET SUMMARY 6th March 2024

On March 6, the market showcased a notable resurgence, rallying by 1% from its lowest point of the day to reach new highs. Despite an initially lackluster performance with most of the session spent in negative territory, a surge in buying during the final hour, particularly in banking, IT, and pharmaceutical sectors, propelled the market to fresh peaks. The banking index saw a 1% increase, while both the pharmaceutical and IT indices climbed by 0.7%. Conversely, sectors such as oil & gas, power, and realty experienced declines of 1% each. 

NIFTY:  The index opened 29 points lower at 22,327 and made a high of 22,497 before closing at 22,474. Nifty has formed a long bullish candlestick on the daily chart. Its immediate resistance level is now placed at 22,500 while immediate support is at 22,430. 

BANK NIFTY: The index opened 130 points lower at 47,451 and closed at 47,965. Bank Nifty has formed a long bullish candlestick on the daily timeframe. Its immediate resistance level is now placed at 48,000 while support is at 47,600.

Stocks in Spotlight

▪  JM Financial: Stock plunged 10.42% a day after RBI barred the company from giving loans against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares, with immediate effect.

▪  JSW Energy: Stock gained 0.88% after the company's step-down subsidiary signed a battery energy storage purchase agreement (BESPA) with Solar Energy Corporation of India.

▪  Torrent Pharmaceuticals: Stock rose 1.24% after a successful inspection by the US FDA.

Global News

▪  Gold stood tall near previous session’s record highs on Wednesday as markets expect Federal Reserve Chair Jerome Powell’s testimony later in the day to reveal clues on a potential June rate cut.

▪  The U.S. dollar was largely steady on Wednesday, as traders avoided making large bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well as the European Central Bank’s, or ECB, rate decision and U.S. jobs data later this week.

▪  The pan-European Stoxx 600 was up 0.3% in early afternoon deals, with most sectors trading in positive territory. Chemicals and retail stocks both rose 1.4% while media sunk 0.6%.

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