POST-MARKET SUMMARY 01 August 2023
On August 1, the Nifty ended in the negative territory as it was unable to surpass the significant psychological barrier of 19,800 for the second consecutive session. The market witnessed lackluster trading activity, with banking & financial services, auto, FMCG, and oil & gas sectors facing selling pressure.
NIFTY: The index opened 31 points higher at 19,784 and made a high of 19,795 before closing at 19,733. Nifty has formed a bearish candle on the daily chart, with a minor lower shadow. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,600.
BANK NIFTY: The index opened 89 points higher at 45,740 and closed at 45,592. Bank Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 45,800 while support is at 45,300.
Stocks in Spotlight
▪ Berger Paints Ltd: Stock gained nearly 3% after the company said it will consider a proposal for a bonus issue at its board meeting on August 9. Around 13 lakh shares changed hands on the exchanges, double the company’s monthly traded average.
▪ Atul Auto Ltd: Stock gained 1.85% after the company reported an 11.1% YoY rise in vehicle sales for July.
▪ Oberoi Realty Ltd: Stock slipped 1% after the real estate developer reported a 20.35% on-year decline in net profit for Q1 at Rs 321.36 crore.
Global News
▪ The Stoxx 600 was down 0.5% by midday London time, with all major bourses and majority of sectors trading in negative territory. Autos led losses, falling 1.9%, while financial services were down 1.1%.
▪ India's manufacturing activity dipped marginally to 57.7 in July though buoyant demand helped maintain growth momentum.
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