POST-MARKET SUMMARY 7th March 2024
On March 7, the market failed to capitalize on its initial gains, concluding the session rangebound and nearly unchanged. At the onset, benchmark indices surged to new all-time highs, with the Nifty surpassing the 22,500 mark for the first time. Top Gainer: TATACONSUM | Top Loser: M&M
On March 7, the market failed to capitalize on its initial gains, concluding the session rangebound and nearly unchanged. At the onset, benchmark indices surged to new all-time highs, with the Nifty surpassing the 22,500 mark for the first time. The decrease in volatility, falling below the 14 mark, created a favorable setting for bullish sentiment. India VIX experienced a 4.77% decline to 13.61, marking its lowest level since January 16. In terms of sectors, banking, oil & gas, auto, and realty closed in the negative, while metal, capital goods, media, and FMCG saw gains of 1-2.5%.
NIFTY: The index opened 31 points higher at 22,505 and made a high of 22,525 before closing at 22,493. Nifty has formed a Doji sort of candlestick pattern on the daily chart, indicating indecisiveness among bulls and bears about future market trend. Its immediate resistance level is now placed at 22,525 while immediate support is at 22,430.
BANK NIFTY: The index opened 70 points higher at 48,035and closed at 47,835. Bank Nifty has formed a bearish candlestick pattern on the daily timeframe and a bullish candlestick pattern on the weekly scale. Its immediate resistance level is now placed at 48,200 while support is at 47,500.
Stocks in Spotlight
▪ NLC India: Stock fell 3.3% after the government announced it is planning to sell up to 7% stake in the company via offer for sale from March 7 to 11.
▪ Suzlon: Stock surged 4.9% after the renewable energy solutions provider bagged an order for wind power project from Juniper Green Energy.
▪ GR Infraprojects: Stock jumped 3.3% after the promoters decided to divest up to 5% equity stake in the company to meet SEBI’s minimum public shareholding norms.
Global News
▪ U.S. Treasury yields ticked lower on Thursday as investors considered the outlook for interest rates following commentary from Federal Reserve Chairman Jerome Powell and international inflation updates.
▪ The European Central Bank kept interest rates at 4% and adjusted its growth forecast for 2024 to 0.6%, down from the previous estimate of 0.8%. Inflation projection was also revised to 2.3% from 2.7%.
▪ Gold prices extended gains to hit an all-time high on Thursday after comments from Federal Reserve Chair Jerome Powell fostered expectations for lower U.S. interest rates this year.
▪ Oil prices ticked higher on Thursday after U.S. crude inventories rose less than expected last week and fuel stocks saw large draws.
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