POST-MARKET SUMMARY 11th June 2024

On June 11, the markets traded mostly flat-to-positive, with the Nifty 50 coming within inches of its all-time high reached in the previous session. However, the benchmark indices gave up gains by the end of the trading session, with both Sensex and Nifty closing flat.

All sectoral indices were mixed in today's session, with the Realty index gaining over 1%. The Nifty Auto index also contributed to the gains, rising nearly 1%. The oil and gas index, industrials, and capital goods recorded gains of up to 2%.

NIFTY: The index opened 24 points higher at 23,283 and made a high of 23,389 before closing at 23,264. Nifty has formed a small bearish candle on the daily chart, with an upper shadow. Its immediate resistance level is now placed at 23,400 while immediate support is at 23,200.

BANK NIFTY: The index opened 29 points lower at 49,751 and closed at 49,705. Bank Nifty has formed an indecisive candlestick on the daily timeframe. Its immediate resistance level is now placed at 50,000 while support is at 49,500.

Stocks in Spotlight

▪  Transformers and Rectifiers (India): Stock was firmly locked in the upper circuit of 5% as the company launched a qualified institutional placement (QIP).

▪  InterGlobe Aviation: Stock fell 4.2% after a Rs 3,689 crore block deal involving a 2.2% stake in the company took place on the exchanges.

▪  Suzlon Energy: Stock jumped over 4% after the company bagged a 103.9 MW order from AMPIN Energy Transition to install 33 wind turbine generators in Rajasthan.

Global News 

▪  The Stoxx 600 index initially shook off Monday’s negative sentiment but soon slipped back into the red, trading 0.7% lower at 11 a.m. in London. Sectors were all lower, with banks down 1.5%.

▪  Asia-Pacific markets were mixed on Tuesday, even as the S&P 500 and Nasdaq Composite reached new highs on Wall Street overnight.

▪  Gold prices slipped on Tuesday morning as investors awaited key US inflation data and the Federal Reserve's policy meeting outcome.

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