POST-MARKET SUMMARY 18th June 2024

On June 18, the Indian markets extended their gains for the fourth consecutive session, closing at a fresh record high. Among sectoral indices, Nifty Realty jumped 1.9%, followed by Nifty Consumer Durables and Nifty Bank, which rose 1.6% and 1%, respectively. On the downside, Nifty Healthcare was the biggest loser, declining 0.6%, followed by Nifty Pharma and Nifty Metal, both down 0.4%.

NIFTY:  The index opened 105 points higher at 23,570 and made a high of 23,579 before closing at 23,557. Nifty has formed a Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,600 while immediate support is at 23,500.

BANK NIFTY: The index opened 192 points higher at 50,194 and closed at 50,440. Bank Nifty has formed a bullish candlestick pattern with a lower shadow on the daily timeframe. Its immediate resistance level is now placed at 50,600 while support is at 50,230.

Stocks in Spotlight

▪  IIFL Finance: Stock gained over 2% after the company said that it has rectified all deficiencies pointed out by the Reserve Bank of India (RBI) for its gold loan portfolio.

▪  Paras Defence: Stock was locked in 20% upper circuit after two large deals worth a total of Rs 318.10 crore took place on the stock exchanges.

▪  BLS E-Services: Stock surged around 7% after the company announced signing a pact to acquire a 55% controlling interest in Aadifidelis Solutions.

Global News 

▪  Asia-Pacific markets rebounded on Tuesday as Wall Street rallied overnight, with investors assessing the Reserve Bank of Australia’s interest rate decision.

▪  European stocks were higher on Tuesday after a mixed start to the trading week.

▪  Gold prices edged higher on Tuesday as Treasury yields eased, with market participants awaiting U.S. data and comments from Federal Reserve officials for more clarity on the central bank’s roadmap for interest rate cuts.

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