POST-MARKET SUMMARY 8th April 2024

On April 8th, both the benchmark Nifty 50 and the 30-stock Sensex commenced trading with gains and maintained momentum to achieve new record highs. This upward trajectory was supported by positive signals from global markets, along with a rally in prominent auto stocks and select heavyweights such as Reliance Industries. Additionally, the Nifty Bank index reached unprecedented levels, surpassing the 48,700-mark for the first time, driven by renewed investor confidence amid expectations of political stability surrounding the forthcoming Lok Sabha Elections in 2024. In terms of sectoral performance, auto, energy, infrastructure, metal, and real estate saw gains of 1-2%, while PSU banks, information technology, and media indices experienced declines of 0.5-1%.

NIFTY:  The index opened 65 points higher at 22,578 and made a high of 22,697 before closing at 22,666. Nifty has formed a bullish candle on the daily chart. Its immediate resistance level is now placed at 22,700 while immediate support is at 22,620.

BANK NIFTY: The index opened 93 points higher at 48,586 and closed at 48,581. Bank Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,700 while support is at 48,400.

Stocks in Spotlight

▪  Godrej Properties:  Stock surged 3% after the company announced it sold homes worth over Rs 3,000 crore in Gurugram.

▪  Nykaa:  Stock zoomed over 6% after the company stated that it anticipates a "high twenties" on-year growth in revenue during the March quarter.

▪  Bandhan Bank: Stock fell more than 6% after chief executive officer and managing director Chandra Shekhar Ghosh announced his decision to step down.

Global News

▪  U.S. Treasury yields were higher on Monday as investors digested Friday’s jobs report and looked ahead to key data slated for the week that could provide hints about the outlook for interest rates.

▪  The dollar rose slightly on Monday as investors looked ahead to U.S. inflation data later this week, while the yen slipped close to 34-year lows as traders remained on alert for any potential action in Tokyo to support the weakening currency.

▪  Gold prices rose on Monday to hit a record peak for the seventh consecutive session, a move that analysts anticipate could be driven by strong official sector demand from Asia, despite traditional headwinds from a stronger U.S. dollar and elevated interest rates.

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