On August 2, Indian markets saw a significant fall in response to Fitch's unexpected downgrade of the US sovereign credit rating, contributing to the ongoing global market downturn. Benchmark indices ended the day around 1% lower. The market began on a negative note amid weak global cues, and as the day advanced, the losses extended. Nevertheless, there was some recovery in the last hour of trading as buying activity helped to reduce some of the earlier losses.
NIFTY: The index opened 78 points lower at 19,655 and made a high of 19,678 before closing at 19,526. Nifty has formed a bearish candlestick with long lower shadows on the daily chart, indicating buying support at lower levels. Its immediate resistance level is now placed at 19,650 while immediate support is at 19,400.
BANK NIFTY: The index opened 358 points lower at 45,234 and closed at 44,995. Bank Nifty has formed a bearish candlestick with a long lower wick on the daily scale, indicating buying support at lower levels. Its immediate resistance level is now placed at 45,500 while support is at 44,500.
Stocks in Spotlight
▪ Hero MotoCorp Ltd: Stock continued its fall from yesterday (down 4% today) after the Enforcement Directorate conducted raids at the residence of Pawan Munjal, Chairman of Hero MotoCorp, after taking cognisance of a Directorate of Revenue Intelligence (DRI) case.
▪ Redington Ltd: Stock plunged 10%, after the company’s June quarter net profit declined 21% YoY to Rs 248.8 crore.
▪ Prism Johnson Ltd: Stock gained 4% after the company reported strong growth in profit and EBITDA. Net profit came in at Rs 20.8 crore as compared to a loss of Rs 16 crore posted a year ago.
▪ Pan-European Stoxx 600 index was down 1.1% early afternoon, with all sectors and major bourses in negative territory. Mining stocks were the biggest downward pressure on the index, with a drop of 2.1%, while retail stocks were down 1.9%.
▪ Gold edged higher on Wednesday, helped by some safe-haven bids after Fitch downgraded the United States’ top credit rating, although an uptick in dollar capped bullion’s gains.
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