POST-MARKET SUMMARY 7th May 2024

On May 7, the benchmark indices, Sensex and Nifty 50, closed lower amid widespread selling triggered by disappointing Q4 earnings, leading to a dip in market confidence. The Nifty 50 extended its downward trajectory for the third consecutive session but managed to hold above 22,300 at close. The increasing volatility discomforted the bulls while favouring the bears. Notable gainers among sectors were the Nifty FMCG Index, which rose by 2%, and Nifty IT, which gained 0.77%. Conversely, Nifty realty and metals suffered losses of 3.5% and 2.4% respectively. Other decliners included the Nifty PSU Bank Index (down 2.3%), Nifty Healthcare (down 2%), and Nifty Auto (down 1.8%).

NIFTY:  The index opened 47 points higher at 22,489 and made a high of 22,499 before closing at 22,302. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,350 while immediate support is at 22,230.

BANK NIFTY: The index opened 70 points higher at 48,965 and closed at 48,285. Bank Nifty has formed a bearish candlestick pattern on the daily timeframe. Its immediate resistance level is now placed at 48,460 while support is at 48,100.

Stocks in Spotlight

▪  Marico: Stock jumped over 10% after the company reported a 4.9% increase in profits and a modest rise in revenue from operations for the March quarter.

Also Read: Marico Shares Jump Over 10% After Q4 Results; Will The Rally Continue?

▪  Cartrade Tech: Stock jumped 4% after the company’s net profit increased by 50% to Rs 22.5 crore in the March quarter.

▪  SRF: Stock nosedived 7% as the company reported a 24% year-on-year decline in consolidated net profit at Rs 422 crore for the fourth quarter of FY24.

Global News

▪  U.S. Treasury yields declined on Tuesday as investors considered the outlook for Federal Reserve monetary policy following the latest economic data and remarks from central bank officials.

▪  Gold prices slipped on Tuesday as the U.S. dollar firmed, while investors awaited more comments from the Federal Reserve officials for further clarity on the time.

▪  The U.S. dollar inched higher on Tuesday while the yen slipped as wide interest rate differentials weighed, despite fresh warnings from Japanese officials following two rounds of suspected dollar-selling intervention last week.

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