POST-MARKET SUMMARY 19th August 2024

On August 19, Indian markets ended flat in a rangebound session. The Sensex dipped 12.16 points or 0.02% to close at 80,424.68 while the Nifty gained 31.50 points or 0.13% to settle at 24,572.70. The market opened higher, with Nifty above 24,600 amid positive global cues but lost momentum in the initial hour, trading rangebound for the remainder of the session.

On the sectoral front, all indices except auto and bank closed higher, with gains of 0.5-2% in healthcare, IT, metal, oil & gas, power, telecom, and media. Meanwhile, Interarch Building Products launched its IPO in the primary market today. Click here for a comprehensive analysis of the IPO.

NIFTY:  The index opened 95 points higher at 24,636 and made a high of 24,638 before closing at 24,572. Nifty has formed a small bearish candlestick pattern with a minor lower shadow 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 167 points higher at 50,683 and closed at 50,368. Bank Nifty has formed a bearish candle on the daily chart. Its immediate resistance level is now placed at 50,600 while immediate support is around 50,250.

Stocks in Spotlight

▪  Genus Power Infrastructure: Stock hit 5% upper circuit after the firm's wholly-owned subsidiary bagged three Letter of Awards worth Rs 3,000 crore.

▪  Glenmark Pharmaceuticals: Stock gained 4% after the company’s subsidiary launched Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1% (OTC) for eye allergy treatment in the US.

▪  DCX Systems: Stock snapped a three-day losing run to hit an upper circuit of 5%, after the company received orders worth Rs 107.08 crore from both domestic and international customers.

Global News 

▪  Gold prices eased on Monday after powering to an all-time high above the important $2,500 per ounce level in the previous session on strong safe-haven demand and expectations of an imminent U.S. rate cut as investors seek more cues on the quantum of cuts.

▪  The pan-European Stoxx 600 index was up 0.54% by 2:52 p.m. London time, with the majority of sectors and all major bourses trading in the green. Mining and retail stocks added 1.73% and 1.38% respectively.

▪  The yen rose sharply on Monday and the euro touched its highest this year as the dollar retreated broadly with traders bracing for dovish signals from Federal Reserve meeting minutes and Chair Jerome Powell’s speech at Jackson Hole.

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