POST-MARKET SUMMARY 15th July 2024

On July 15, the record run continued on Dalal Street for the second consecutive session, with Nifty climbing to a fresh all-time high amid buying across sectors, barring Information Technology. Despite mixed global cues, the Indian equity indices opened higher and extended gains as the day progressed. Nifty surpassed 24,600 for the first time, reaching a new record high of 24,635.05, while BSE Sensex moved closer to its record high of 80,893.51. Among sectors, except IT, all other sectoral indices ended in the green, with auto, pharma, PSU Bank, realty, and oil & gas indices up 1-3%.

NIFTY: The index opened 85 points higher at 24,587 and made a high of 24,635 before closing at 24,586. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,640 while immediate support is at 24,520.

BANK NIFTY: The index opened 52 points higher at 52,330 and closed at 52,455. Bank Nifty has formed a bullish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 52,650 while support is at 52,150.

Stocks in Spotlight

▪  Tanla Platforms: Stock zoomed over 10% on July 15 after the company signed a commercial agreement with a global tech major on wisely ATP to combat scams on their messaging platform by identifying fraudulent phone numbers.

▪  MRF: Stock was up 3% after reports suggested that the tyre-maker increased prices, effective July 18.

▪  Jupiter Wagons: Stock gained over 5% intraday after the company said it raised Rs 800 crore through a qualified institutional placement (QIP).

Global News

▪  European stocks started the week lower as global markets assess the effect of an assassination attempt on former U.S. President Donald Trump at a rally over the weekend.

▪  Gold prices dipped on Monday as the dollar held firm, while investors awaited comments from Federal Reserve officials and economic data for further cues on U.S. interest rate trajectory.

▪  Oil prices fell for a second day on Monday as the dollar gained ground amid political uncertainty in the U.S., while investors eyed the progress of talks for a Gaza ceasefire.

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