POST-MARKET SUMMARY 12th August 2024

On a highly volatile day, the Indian benchmark indices ended marginally lower, with Nifty closing below 24,350 after allegations were raised by US-based Hindenburg Research against the capital market regulator SEBI's chairperson.

Despite positive global cues, the market opened on a negative note and extended its losses in the initial hours, dragging Nifty closer to 24,200. However, as the day progressed, the market erased all losses, pushing Nifty near 24,500. Yet, last-hour selling wiped out the recovery gains, leading to a flat close. Among sectors, FMCG, power, PSU Bank, and media were down 0.5-2%, while bank, telecom, IT, oil & gas, metal, and realty gained 0.3-1%.

NIFTY:  The index opened 47 points lower at 24,320 and made a high of 24,472 before closing at 24,347. Nifty has formed a small bullish candlestick pattern with long upper and lower shadow on the daily chart. Its immediate resistance level is now placed at 24,450 while immediate support is at 24,300.

BANK NIFTY: The index opened 72 points lower at 50,412 and closed at 50,577. Bank Nifty has formed a High Wave candlestick pattern on the daily chart. Its immediate resistance level is now placed at 50,750 while immediate support is at 50,400.

Stocks in Spotlight

▪  Shipping Corporation of India: Stock jumped nearly 7% after the company reported a 95% jump in its June quarter net profit.

▪  Bharat Dynamics: Stock slumped over 6% after the company's June quarter net profit fell 83% to Rs 7.2 crore, compared to the year-ago quarter.

▪  Inox Wind: Stock surged 20% on a confident execution guidance shared by the management and robust June quarter results.

Global News

▪  Gold prices inched higher on Monday on U.S. interest rate cut optimism and brewing geopolitical tensions, while traders looked to key U.S. inflation data due later this week for more monetary policy cues.

▪  European stocks on Monday traded slightly lower, with U.S. and U.K. inflation data set to dominate focus in the coming days.

▪  The yen resumed its slow decline against the dollar after volatile trading last week, while investors weighed the odds of a deep Fed rate cut next month ahead of a slew of U.S. economic data.

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