POST-MARKET SUMMARY 18th July 2024

On July 18, the Indian equity market escalated to fresh record highs, extending its winning run for the fourth consecutive session, led by IT, Banking, and FMCG stocks. Amid weak global cues, the Indian indices opened lower, with Nifty below 24,550, but recovered in the initial hours and experienced lacklustre trading in the first half. However, buying in FMCG, IT, and banking helped benchmarks reach all-time highs. Among sectors, banking, auto, IT, FMCG, and telecom rose 0.3-2%, while capital goods, metal, power, and media declined 1-3.5%.

Also read: Market Peaks Amid Budget Buzz: Unlock the Best Trading Strategies Before July 23

NIFTY: The index opened 70 points lower at 24,543 and made a high of 24,837 before closing at 24,800. Nifty has formed a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,850 while immediate support is at 24,700.

BANK NIFTY: The index opened 181 points lower at 52,215 and closed at 52,620. Bank Nifty has formed a bullish candlestick pattern, resembling a Bullish Engulfing pattern on the daily chart. Its immediate resistance level is now placed at 52,800 while support is at 52,400.

Stocks in Spotlight

▪  LTIMindtree: Stock gained 3.5% as the Street cheered for a strong start to FY25 after the company reported steady earnings for the April-June quarter.

▪  Just Dial: Stock skyrocketed over 11% to Rs 1,156 following a strong performance in the April-June quarter (Q1FY25), aligning with market expectations.

▪  IDBI Bank: Stock soared nearly 6% to Rs 93 after the Reserve Bank of India issued a 'fit and proper' report on bidders, advancing the divestment process.

Global News

▪  Gold prices edged higher on Thursday, trading not too far away from a record high scaled in the previous session, as rising anticipation of a U.S. interest rate cut in September boosted demand.

▪  Most Asia-Pacific markets fell as chip-related stocks dropped following reports of more stringent export restrictions from the U.S. and as comments from former U.S. President Donald Trump raised geopolitical tensions.

▪  Meanwhile, the Japanese yen, which had scaled a six-week high, weakened in European markets. Oil prices climbed, with Brent futures up 0.4% and U.S. West Texas Intermediate crude gaining 0.7%.

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