POST-MARKET SUMMARY 03 August 2023
Post-market report and news around trending stocks.
On August 3, the benchmark indices experienced a third consecutive day of losses, following the global market downturn triggered by Fitch's unexpected downgrade of the US credit ratings. Sectors such as banks, metals, oil & gas, and realty suffered significant losses, while some relief came from buying in pharmaceutical stocks, which helped to reduce overall losses. The market began the day with a gap down due to weak global cues, and profit booking extended into the second half of the trading session.
NIFTY: The index opened 63 points lower at 19,463 and made a high of 19,537 before closing at 19,381. Nifty has formed a bearish candlestick with minor upper and lower shadows on the daily chart, making lower highs and lower lows. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,300.
BANK NIFTY: The index opened 133 points lower at 44,862 and closed at 44,513. Bank Nifty has formed a bearish candlestick, with minor upper and lower shadows on the daily scale. Its immediate resistance level is now placed at 45,000 while support is at 44,400.
Stocks in Spotlight
▪ Vedanta Ltd: Stock slumped nearly 7% after large deals took place on the bourses. This is the biggest single day fall since June 2022 for the metal major's stock.
▪ Gujarat Gas Ltd: Stock slumped over 3% after the city gas distribution company posted a 43.4% YoY decline in consolidated net profit at Rs 216 crore for the first quarter of 2023-24.
▪ Dixon Technologies Ltd: Stock jumped nearly 8% after the government restricted imports of electronic items such as laptops, tablets, and personal computers.
Global News
▪ Following the monetary policy announcement, the pan-European Stoxx 600 index sustained losses of ~0.65%. Tech stocks spearheaded the decline with a downturn of 1.4%, reflecting the prevailing gloomy global sentiment.
▪ Gold prices held near three-week lows on Thursday after strong US private payrolls data suggested the economy could avoid a recession, fueling bets of more monetary policy tightening and, in turn, boosting the dollar and Treasury yields.
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