POST-MARKET SUMMARY 12 July 2023
On July 12, the Nifty saw a downward move erasing a significant portion of the previous day's gains amid a volatile trading session. The index slipped below 19,400 due to selling pressure in IT stocks, as investors anticipated subdued earnings. Meanwhile, broader market indices performed relatively better and concluded the day with gains. Certain stocks Delta Corp, Nazara Tech were adversely impacted by alterations in GST tax rates.
NIFTY: The index opened 58 points higher at 19,497 and made a high of 19,507 before closing at 19,384. Nifty has formed a small bearish candle and a lower top formation on the intraday chart. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,300.
BANK NIFTY: The index opened 127 points higher at 44,872 and closed at 44,639. Bank Nifty has formed a bearish candle on the daily chart, which indicates weakness in the near term. Its immediate resistance level is now placed at 45,000 while support is at 44,300.
Stocks in Spotlight
▪ Delta Corp Ltd: Stock tumbled 23% after the GST Council decided that online gaming, casinos, and horse racing will be taxed at 28%.
▪ Adani Enterprises Ltd: Stock slipped 1.4%, a day after the company announced that it has raised Rs 1,250 crore through allotment of non-convertible debentures (NCDs).
▪ HCL Technologies: Company recorded a year-on-year (YoY) increase of 7.6% in net profit. However, compared to the previous quarter, net profit declined by 11.2%.
Global News
▪ Gold prices were firmer near three-week highs on Wednesday ahead of the much-awaited US inflation data that could drive the Federal Reserve’s upcoming interest rate decisions.
▪ European markets advanced on Wednesday afternoon as investors reacted to a cooler-than-expected US inflation reading, which could have significant bearing on the Federal Reserve’s interest rate path.
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