POST-MARKET SUMMARY 10th July 2024

On July 10, the benchmark indices Sensex and Nifty retreated from a record high in the previous session, influenced by price cuts from a major automaker and anticipation surrounding the upcoming earnings season. Investors are also eyeing the upcoming Budget for further cues. At closing, the benchmark Sensex fell 0.53% to 79,924.77 points, while Nifty declined 0.45% to 24,324.45 points.

In other news, SEBI unveiled sweeping recommendations to reform F&O regulations, which could dramatically alter the trading landscape in the Derivates market. Read More: F&O Alert: SEBI Committee Recommends Stricter Regulations to Control Trading Volumes

Among sectoral indices, the Nifty Auto index led losses, falling 2%, followed by the Nifty Metal and PSU Bank indices, which declined by 1.6% and 1.4%, respectively. The Nifty IT index was down 1%, while the Nifty Bank index slipped by 0.7%.

NIFTY: The index opened 26 points higher at 24,459 and made a high of 24,461 before closing at 24,324. Nifty has formed a Bearish Engulfing candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,400 while immediate support is at 24,260.

BANK NIFTY: The index opened 40 points lower at 52,528 and closed at 52,189. Bank Nifty has formed a Bearish candle on the daily chart. Its immediate resistance level is now placed at 52,400 while support is at 52,000.

Stocks in Spotlight

▪  Delta Corp: Stock fell over 4% intraday to Rs 136 after the company reported disappointing results for the June quarter due to higher GST rates, general elections, and seasonal factors.

▪  BLS International Services: Stock jumped ~5% in early trade after the company's arm completed acquisition of 100% stake in a Turkey-based company.

▪  Rail Vikas Nigam: Stock surged 10% intraday on winning orders worth Rs 389 crore.

Global News 

▪  European stocks were higher on Wednesday as investors turn their attention stateside after a week of political drama.

▪  Gold prices edged up, a day after Federal Reserve Chair Jerome Powell’s comments suggested that the case for interest rates cuts is getting stronger, while investors braced themselves for a crucial U.S. inflation report.

▪  The pound held near one-month highs, supported by the belief among investors that U.S. interest rates are set to fall sooner than many had predicted, which dented the dollar.

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