POST-MARKET SUMMARY 14th June 2024

On June 14, Sensex and Nifty climbed due to market optimism and anticipation surrounding the upcoming budget, according to market experts. The Nifty 50 reached a fresh lifetime high of 23,490 in the last hour of trade, driven by gains in financial services and automobile stocks.

Nifty Auto outperformed the sectoral indices, rising 1.3%, led by M&M, Bharat Forge, and Tata Motors. Meanwhile, Nifty IT was the worst hit among the 13 sectoral indices, falling nearly 1%.

NIFTY:  The index opened 66 points higher at 23,464 and made a high of 23,490 before closing at 23,465. Nifty has formed a dragonfly doji on the daily chart. Its immediate resistance level is now placed at 23,500 while immediate support is at 23,350.

BANK NIFTY: The index opened 147 points higher at 49,993 and closed at 50,002. Bank Nifty has formed a dragonfly doji on the daily timeframe. Its immediate resistance level is now placed at 50,250 while support is at 49,700.

Stocks in Spotlight

▪  Ambuja Cement: Stock gained over 1% after it announced the acquisition of South-based Penna Cement for Rs 10,442 crore.

▪  EIH Associated Hotels: Stock gained around 6.5% ahead of the company's board meeting to consider and approve the issue of bonus shares to the equity shareholders of the company.

▪  Puravankara Limited: Stock gained 1% after the real estate company said it will be raising funds up to Rs 1,000 crore via the Qualified Institutional Placement (QIP) route.

Global News 

▪  Oil prices fell on Friday but were on track for their first weekly gain in four weeks as markets assessed the impact of higher-for-longer U.S. interest rates versus solid outlooks for crude and fuel demand this year.

▪  Gold prices rose on Friday and were on track for their first weekly gain in four after U.S. economic data indicated a softening of price pressures, fueling optimism that a rate cut by the Federal Reserve could be forthcoming.

▪  The euro was on track for its biggest weekly fall in two months versus the dollar on Friday due to French political turmoil, while the yen clawed back ground after the Bank of Japan (BOJ)surprised markets with a dovish monetary policy update.

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