On May 8, the benchmark indices Sensex and Nifty ended the session without any change, amidst market uncertainties surrounding election outcomes and lacklustre corporate earnings. Top Gainer: BPCL | Top Loser: DRREDDY

Liquide Post-Market Summary 8th May 2024

On May 8, the benchmark indices Sensex and Nifty ended the session without any change, amidst market uncertainties surrounding election outcomes and lacklustre corporate earnings. Despite this, the broader markets displayed resilience, with the BSE Smallcap index climbing by 0.5% and the BSE Midcap index nudging up by 0.8%, recovering from the previous day's decline of nearly 2% each. Sectors such as Nifty Auto, Nifty PSU Bank, and Nifty Metal concluded positively, whereas Nifty IT, Nifty Financial Services, and Nifty Private Bank closed on a weaker note.

NIFTY:  The index opened 71 points lower at 22,231 and made a high of 22,368 before closing at 22,302. Nifty has formed a small bullish candlestick pattern with minor upper and lower shadows on the daily chart, which resembles a high wave kind of candlestick pattern. Its immediate resistance level is now placed at 22,370 while immediate support is at 22,240.

BANK NIFTY: The index opened 161 points lower at 48,124 and closed at 48,021. Bank Nifty has formed a small bearish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 48,250 while support is at 47,740.

Indices closing for 8th May 2024
Major Market Indices data
Nifty Gainers & Losers

Stocks in Spotlight

▪  SRF: Stock fell 3% after the company posted a drop in profit for the fifth quarter in a row, hurt by sustained weak demand in its mainstay chemicals business.

▪  Hero Motocorp:  Stock rose 2% after the company declared a 18% YoY rise in net profit to Rs 1,016 crore on the back of strong volume growth, newer product mix, softening commodity costs, and higher average selling prices (ASPs).

▪  Pidilite Industries: Stock slumped 4% after the company reported a mixed set of numbers for the March quarter.

Global News

▪  The Stoxx 600 index provisionally ended up 0.3%, with most sectors and major bourses in positive territory. Food and Beverage stocks were up 1.7%, while Mining stocks dipped 1.4%.

▪  Gold dipped slightly on Wednesday, as a stronger dollar weighed on prices, while investors awaited U.S. data for clues on potential rate cuts by the Federal Reserve.

▪ The dollar gained as investors continued to bet on the U.S. economy outperforming peers and was higher for the third day against the Japanese yen, keeping investors wary of the risk of intervention from Tokyo.

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