POST-MARKET SUMMARY 12th July 2024

On July 12, after a muted previous session, the bulls were back in action on Dalal Street with benchmarks hitting fresh record levels, led by Information Technology (IT) stocks following TCS' Q1 earnings that met expectations. Despite weak global cues, the Indian benchmarks opened higher and extended gains as the session progressed, with Nifty surpassing 24,500 for the first time and inching closer to 24,600 intraday.

Among sectors, the IT index surged 4.5%, and the Media index added more than 2%. On the other hand, the Realty index shed 1.5%, the Power index was down nearly 1%, and the Capital Goods and Auto indices each fell 0.5%.

NIFTY: The index opened 72 points higher at 24,387 and made a high of 24,592 before closing at 24,502. Nifty has formed a bullish candlestick pattern with a minor upper shadow on the daily chart. Its immediate resistance level is now placed at 24,580 while immediate support is at 24,460.

BANK NIFTY: The index opened flat at 52,272 and closed at 52,278. Bank Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 52,500 while support is at 52,100.

Stocks in Spotlight

▪  Rashtriya Chemicals and Fertilizers: Stock surged around 10% intraday to hit a fresh record high of Rs 244.9 on the National Stock Exchange (NSE) after the company announced a significant development. Read more: RCF Makes A New Lifetime High: Key Insights & Outlook

▪  Anand Rathi Wealth: Stock gained ~3%, a day after the company reported a strong set of earnings for the April-June quarter of FY25.

▪  Cyient: Stock jumped over 7% to Rs 1,905 after the company announced a strategic expansion of its Semiconductor business with the establishment of a subsidiary.

Global News

▪  Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected U.S. inflation data boosted hopes of the Federal Reserve cutting interest rates in September.

▪  The yen was soft after a volatile start on Friday as traders weighed its sharp surge after U.S. consumer prices unexpectedly dropped, stoking speculation that Tokyo had intervened to lift the currency away from 38-year lows.

▪  Oil prices inched up on Friday amid signs of easing inflationary pressures in the world’s biggest oil consumer, the United States, though the contracts were headed for a weekly decline.

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