POST-MARKET SUMMARY 9th May 2024

On May 9, India's benchmark indices experienced significant losses, with the NSE Nifty 50 dropping below 22,000 and the BSE Sensex plunging over 1,000 points. Both indices marked a more than 1% intraday fall, continuing a downward trend for the fifth consecutive day.

The Sensex closed down 1,062 points at 72,404, while the Nifty 50 declined by 345 points to finish at 21,958. Excluding Nifty Auto, which gained 0.8%, all other sectors faced declines. Nifty Oil & Gas led the losses with a 3.2% drop, followed by Nifty Metal and FMCG indices, which fell 2.9% and 2.5% respectively. Both Nifty Pharma and Realty indices declined by 2% each.

NIFTY:  The index opened 78 points lower at 22,224 and made a high of 22,307 before closing at 21,957. Nifty has formed a long bearish candle on the daily chart. Its immediate resistance level is now placed at 22,000 while immediate support is at 21,850.

BANK NIFTY: The index opened 45 points lower at 47,976 and closed at 47,487. Bank Nifty has formed a long bearish candle on the daily chart. Its immediate resistance level is now placed at 47,740 while support is at 47,250.

Stocks in Spotlight

▪  Piramal Enterprises: Stock nosedived 9% after the company reported a loss of Rs 2,378 crore in the March quarter after setting aside Rs 3,540 crore to cover its investment in AIFs.

▪  Tata Power:  Stock fell 4% after the company’s thermal generation (including coal) cluster saw a sharp 58% year-on-year drop in net profit.

▪  Larsen and Toubro: Shares of Larsen & Toubro plunged 5% after the company gave a weak guidance.

Global News

▪  Oil prices rose on Thursday as falling U.S. crude inventories and higher Chinese imports supported expectations for demand growth in the world’s two largest crude-consuming nations.

▪  European markets were mixed on Thursday, as positive momentum slipped on a busy week of earnings.

▪  The dollar held tight ranges against most peers on Thursday as traders awaited key U.S. inflation data for cues on Federal Reserve policy, while the focus on the massive interest rate gap between Japan and the U.S. helped it make some gains on the yen.

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