POST-MARKET SUMMARY 9th April 2024
On April 9, the Sensex and the Nifty hit new all-time highs in opening trade. However, the benchmark indices couldn't maintain these gains due to profit-booking before the release of crucial inflation data for both India and the US. Regarding sectors, auto, capital goods, FMCG, energy, infrastructure, oil and gas, and pharmaceuticals saw declines ranging from 0.3% to 1%, while banking, metals, and real estate indices experienced gains of 0.3% to 1%.
NIFTY: The index opened 99 points higher at 22,765 and made a high of 22,768 before closing at 22,642. Nifty has formed a bearish candle on the daily chart. Its immediate resistance level is now placed at 22,700 while immediate support is at 22,580.
BANK NIFTY: The index opened 229 points higher at 48,810 and closed at 48,730. Bank Nifty has formed a spinning top candlestick pattern on the daily chart. Its immediate resistance level is now placed at 48,950 while support is at 48,550.
Stocks in Spotlight
▪ Ajmera Realty: Stock jumped over 5% after the realty player announced it sales crossed Rs 1,000 crore in FY24.
▪ Gland Pharma: Stock declined more than 2% after a Rs 1,590- crore block deal.
▪ JTL Industries: Stock gained more than 2% after the company acquired a controlling stake of 67% in Nabha Steels & Metals, based in Punjab.
Global News
▪ Gold prices hit a record high for an eighth consecutive session on Tuesday with support from momentum-following funds and inflated geopolitical tensions.
▪ European markets were lower on Tuesday as investors look ahead to more key economic data this week, including U.S. inflation figures which will be released on Wednesday.
▪ The dollar struggled for direction on Tuesday as investors were cautious ahead of inflation data due on Wednesday, while U.S. Treasury yields rose with markets scaling back their bets on future Federal Reserve rate cuts.
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