POST-MARKET SUMMARY 13th August 2024

On August 13, Indian equity indices ended lower for the second consecutive session, with Nifty closing below 24,150 amid mixed macroeconomic data. CPI fell to a near 5-year low in July, while IIP grew at a slower pace of 4.2% in June.

The market opened slightly lower and extended its losses throughout the day, dragging Nifty near 24,100 and Sensex below 79,000 amid broad-based selling across sectors. All sectoral indices ended in the red, with bank, power, oil & gas, metal, media, and telecom sectors each down 1%.

NIFTY: The index opened flat at 24,342 and made a high of 24,359 before closing at 24,139. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,250 while immediate support is at 24,080.

BANK NIFTY: The index opened 182 points lower at 50,395 and closed at 49,831. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 50,200 while immediate support is at 49,650.

Stocks in Spotlight

▪  Inox Wind: Stock jumped over 4% after the wind energy solutions provider secured a 51 MW equipment supply order from Everrenew for its 3 MW class Wind Turbine Generators.

▪  Olectra Greentech: Stock zoomed over 7% after the firm reported a healthy set of earnings for the June quarter.

▪  Marico: Stock gained over 2% after the FMCG giant announced its operations in Bangladesh have resumed to normal levels.

Global News

▪  European stocks were slightly higher on Tuesday, as market participants monitored a fresh batch of economic data following last week’s volatility.

▪  Gold prices fell on Tuesday as investors locked in profits after the metal closed at an all-time high in the previous session and ahead of key U.S. inflation data that could influence bets around the Federal Reserve’s monetary policy path.

▪  The yen remained weak for a second straight day on Tuesday and the dollar softened against the rest of its peers in calmer trading, as markets await U.S. inflation data.

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