POST-MARKET SUMMARY 14th August 2024

On August 14, Indian indices ended on a positive note, breaking a two-day losing streak, primarily driven by buying in Information Technology stocks, while selling in other sectors trimmed the intraday gains. At close, the Sensex was up 149.85 points or 0.19% at 79,105.88, and the Nifty was up 4.75 points or 0.02% at 24,143.75.

Among sectors, except for IT (up 1.5%), all other sectoral indices ended in the red, with Nifty Metal being hit the hardest (down 1.3%) following the Supreme Court's verdict allowing states to impose mineral taxes. Read more: Supreme Court Verdict Shakes Up Mining Sector: State Tax on Minerals Explained. Other sectors like capital goods, healthcare, oil & gas, realty, pharma, and media were all down 0.5-1%. Markets will remain closed tomorrow in observance of Independence Day. 

NIFTY:  The index opened 45 points higher at 24,184 and made a high of 24,196 before closing at 24,143. Nifty has formed a small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,200 while immediate support is at 24,080.

BANK NIFTY: The index opened 56 points higher at 49,887 and closed at 49,727. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 50,000 while immediate support is at 49,680.

Stocks in Spotlight

▪  Piramal Enterprises: Stock fell over 10% after the diversified non-banking financial company (NBFC) reported a 64% decline in its June quarter net profit to Rs 181 crore.

▪  SJVN: Stock jumped nearly 4% after the PSU firm reported a 21% jump in Q1FY25 net profit, reaching Rs 327.15 crore.

▪  HEG: Stock fell 7.5% after the graphite electrode maker’s net profit fell 84% to Rs 23.04 crore in the June quarter.

Global News 

▪  Gold prices fell in a volatile trading session on Wednesday after data showed U.S. consumer prices rebounded as expected in July, pouring water on expectations for a sizeable rate cut from the Federal Reserve next month.

▪  European stocks were higher on Wednesday as investors in the region assessed key inflation prints from the U.S. and U.K.

▪  The dollar hovered near a one-week low on Wednesday as traders bet U.S. consumer price data later in the day will keep the Federal Reserve on course to cut rates next month, while sterling eased after softer-than-expected inflation numbers.

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