POST-MARKET SUMMARY 10th June 2024

On June 10, the market snapped a three-day winning streak and ended lower in a volatile session, with Nifty closing around 23,250, mostly dragged down by information technology stocks. Investors are also awaiting the release of US inflation data and the Federal Reserve’s policy meeting on June 12. The FOMC will update its summary of economic projections and dot plot, revealing whether its views align with market expectations for interest rate cuts.

Among sectoral indices, Nifty Media was the biggest gainer, up 1.9%, followed by Nifty Realty and Pharma, which gained 1.3% and 1% respectively. Nifty Consumer Durables and Healthcare were up 0.7% each. On the other hand, the Nifty IT Index fell 1.8%.

NIFTY:  The index opened flat at 23,319 and made a high of 23,411 before closing at 23,259. Nifty has formed a small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,360 while immediate support is at 23,150.

BANK NIFTY: The index opened flat at at 49,808 and closed at 49,780. Bank Nifty has formed a bearish candle with a long upper body on the daily timeframe. Its immediate resistance level is now placed at 50,000 while support is at 49,600.

Stocks in Spotlight

▪  Raymond: Stock gained 3.5% to a record high after the company's real estate division was declared as preferred developer for a redevelopment project in Bandra, Mumbai.

▪  KEC International: Stock jumped 5.2% after the company secured new orders of Rs 1,061 crore across its various businesses.

▪  Suzlon: Stock slumped 5% as an Independent Director at the company, Marc Desaedeleer, resigned from his post with effect from June 8, citing corporate governance issues.

Global News

▪  U.S. Treasury yields were higher on Monday as investors looked ahead to the Federal Reserve’s monetary policy meeting and key inflation data due this week.

▪  Gold prices held steady on Monday after a sharp sell-off in the previous session on stronger-than-expected U.S. jobs data, with investors awaiting the Federal Reserve policy meeting this week for further direction.

▪  European stocks fell as traders reacted to initial results from the EU vote and French President Emmanuel Macron’s shock call for parliamentary elections.

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