POST-MARKET SUMMARY 11th July 2024

On July 11, Indian benchmark indices ended marginally lower in a volatile session ahead of the US inflation data release later in the day. Despite a positive start amid positive global cues, the benchmarks erased all gains in the initial hours due to selling pressure, causing Nifty to dip below 24,200. However, it managed to recover all losses in the second half, closing on a flattish note.

Among sectors, the realty index was down 1.5%, and the pharma index fell 0.6%, while the media and oil & gas indices were each up 1%. Additionally, TCS released its earnings for the first quarter of FY25 after the market closed. Discover essential insights here: TCS Q1 FY25 Earnings: Impressive Growth, Strong Margins But Soft TCV

NIFTY: The index opened 72 points higher at 24,396 and made a high of 24,402 before closing at 24,315. Nifty has formed a Bearish Engulfing candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,360 while immediate support is at 24,280.

BANK NIFTY: The index opened 127 points higher at 52,316 and closed at 52,270. 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 52,100.

Stocks in Spotlight

▪  Glenmark Life Sciences: Stock slumped nearly 4%, a day after Glenmark Pharma's board greenlit the company's plans to offload a 7.84% stake in the former through an offer for sale.

▪  Tata Elxsi: Stock fell over 2% in early trade as the Tata group firm reported a 3% decline in net profit for the first quarter of FY 2024-2025.

▪  HPL Electric & Power: Stock zoomed 15% in early trade after the company announced it won a Letter of Award for smart meters.

Global News

▪  Gold prices climbed for a third straight session on Thursday, helped by a weaker U.S. dollar ahead of inflation data that will determine whether the Federal Reserve will lower interest rates this year.

▪  European stocks were higher, extending gains as global markets look ahead to the next U.S. inflation reading.

▪  Japan’s Nikkei 225 crossed the 42,000 mark for the first time amid a broader rise in Asia-Pacific markets on Thursday, after U.S. Big Tech rallied overnight on optimism over Federal Reserve rate cuts.

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