On July 6, the Indian market extended its impressive rally with the Nifty crossing another significant milestone of 19,500. This strong performance compensated for the relatively subdued trading the day before, led by the oil & gas, auto, banks, metal, and pharmaceutical sectors. Additionally, foreign institutional investors provided substantial support to the market's upward momentum.
NIFTY: The index opened 13 points lower at 19,385 and made a high of 19,512 before closing at 19,497. Nifty has formed a bullish candlestick on the daily chart. Its immediate resistance level is now placed at 19,570 while immediate support is at 19,300.
BANK NIFTY: The index opened 91 points lower at 45,060 and closed at 45,339. Bank Nifty has formed a bullish candlestick on the daily chart, with buying interest seen in most banking stocks. Its immediate resistance level is now placed at 45,650 while support is at 45,000.
Stocks in Spotlight
▪ Hindustan Zinc: Stock surged nearly 8% after the zinc mining major announced that it will consider paying an interim dividend for the current financial year.
▪ Adani Green: Stock gained 1.48% after the company's board approved the proposal to raise Rs 12,3000 crore through the QIP route.
▪ Hindustan Copper: Stock surged nearly 5% as the company expects to reopen its Rakha mine in Jharkhand.
▪ Bank of America increases dividend by 9% after Fed stress test.
▪ Oil prices were down slightly on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown.
▪ US initial jobless claims for the week ended July 1 rise to 2.48 lakh vs 2.36 lakh in the previous week.
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