POST-MARKET SUMMARY 16th July 2024

On July 16, the Indian market extended its winning streak for the third consecutive session, with benchmarks hitting fresh record highs amid buying in IT, realty, and FMCG stocks. After a positive start, the Indian equity indices extended their gains, hitting new milestones in the first half. However, selling pressure in the second half erased most of the day's gains, ending with marginal gains.

Among sectors, the Realty index surged 1.6%, while FMCG, IT, Metal, and Telecom were up 0.3-0.9%. Conversely, the Media index shed 1%, and the Power and Capital Goods indices were down 0.5% each.

NIFTY: The index opened 29 points higher at 24,615 and made a high of 24,661 before closing at 24,613. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,660 while immediate support is at 24,560.

BANK NIFTY: The index opened flat at 52,466 and closed at 52,396. Bank Nifty has formed a small bearish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 52,600 while support is at 52,200.

Stocks in Spotlight

▪  Century Textiles: Stock soared 5%, a day after its wholly-owned subsidiary- Birla Estates acquired a 5-acre land parcel in Gurugram.

▪  Garden Reach Shipbuilders: Stock gained over 3% after the company bagged an order worth Rs 840 crore from the National Centre for Polar and Ocean Research (NCPOR).

▪  Angel One: Stock fell over 2% after the company reported that its margin slipped by 560 basis points (bps) on a sequential basis.

Global News

▪  European stocks were lower on Tuesday as investors assess the economic and political outlook in the region and beyond.

▪  Gold prices rose on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.

▪  Oil prices dipped on Tuesday on worries of a slowing Chinese economy crimping demand and despite a growing consensus the U.S. Federal Reserve could begin cutting its key interest rate as soon as September.

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