POST-MARKET SUMMARY 12th June 2024
On June 12, the Nifty 50 ended higher after hitting a fresh high of 23,441 during intraday trade. Sensex came within 30 points of its all-time high of 77,079. Analysts attributed the surge to investor optimism following the cabinet swearing-in and the subsequent allocation of ministry portfolios. Market experts noted that the new cabinet lineup suggested a continuation of key economic reforms, bolstering market confidence.
Among sectoral indices, Nifty Media and Nifty PSU Bank were the top gainers, rising 2% and 1% respectively. Meanwhile, Nifty FMCG, the only loser among the sectoral indices, slipped 0.4%.
NIFTY: The index opened 80 points higher at 23,344 and made a high of 23,441 before closing at 23,322. Nifty has formed a shooting star like candle on the daily chart. Its immediate resistance level is now placed at 23,400 while immediate support is at 23,260.
BANK NIFTY: The index opened 152 points higher at 49,857 and closed at 49,895. Bank Nifty has formed an indecisive candlestick on the daily timeframe. Its immediate resistance level is now placed at 50,250 while support is at 49,600.
Stocks in Spotlight
▪ Shipping Corp of India: Stock surged up to 7% as hopes of the company heading closer to divestment lifted investor sentiment.
▪ HCL Technologies: Stock gained around 3% after the company announced renewing a $278 million deal with Germany's apoBank for a period of 7.5 years.
▪ IOL Chemicals: Stock jumped as much as 6% after it secured certification of suitability (CEP) for Pantoprazole Sodium Sesquihydrate for alternative process (Process - II).
Global News
▪ The dollar steadied on Wednesday after hitting a four-week high against peer currencies the day before as market players awaited key U.S. inflation data and the Federal Reserve’s policy decision and updated economic projections later in the day.
▪ Asia-Pacific markets were mixed as investors assessed inflation data from around Asia.
▪ Gold prices traded in a narrow range as investors awaited the U.S. consumer inflation print due later in the day and the Federal Reserve’s commentary on its interest rate policy.
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