On August 7, the Nifty gained for the second straight day, led by pharma and IT stocks. The day started on a positive note but saw profit-booking in the first half. Yet, strong buying in the latter half pushed indices near the day's peak. Additionally, upcoming CPI inflation and IIP figures, coupled with RBI's rate decision, are awaited for insights into the near-term economic outlook.
NIFTY: The index opened 59 points higher at 19,576 and made a high of 19,620 before closing at 19,597. Nifty has formed a small-bodied bullish candlestick with minor upper and lower shadows on the daily chart, even as it made higher highs and higher lows. Its immediate resistance level is now placed at 19,650 while immediate support is at 19,500.
BANK NIFTY: The index opened 114 points higher at 44,993 and closed at 44,837. Bank Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 45,100 while support is at 44,500.
Stocks in Spotlight
▪ BHEL Ltd: Stock slipped 2.5% after the company reported a consolidated net loss of Rs 343.89 crore in the June quarter against a net profit of Rs 187.99 crore in the year-ago period.
▪ Shipping Corp of India Ltd: Stock closed nearly 3% lower, reacting to a drop in sales in the June quarter. Even as consolidated net profit jumped 57% YoY to Rs 171.61 crore, revenue was down nearly 18% at Rs 1,200.11 crore.
▪ CAMS Ltd: Stock gained over 3% after the company posted an 18% increase in net profit at Rs 76.34 crore in the June quarter.
▪ Gold prices dipped on Monday as the USD climbed ahead of US inflation data this week. Still, bullion was off three-week lows after slowing US job growth knocked bond yields from their recent highs.
▪ Hong Kong’s Hang Seng index climbed marginally, but mainland Chinese markets were also all in negative territory. The Shanghai Composite lost 0.59% to finish at 3,268.83, while the Shenzhen Component was 0.83% down to close at 11,145.03.
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