POST-MARKET SUMMARY 19th June 2024

On June 19, Indian benchmark indices ended on a mixed note in a highly volatile session after hitting fresh all-time highs intraday. The Sensex rose 36.45 points or 0.05% to 77,337.59, while the Nifty slipped 41.90 points or 0.18% to 23,516.

Despite positive global cues leading to a record-high opening, the indices erased all gains in the initial hours and oscillated between gains and losses throughout the session, finishing with marginal changes. While banking (up 2%) and IT (up 0.4%) sectors ended in the green, auto, capital goods, metal, oil & gas, power, and realty sectors fell 1-3%.

In the primary market, two mainboard IPOs hit the street today. Read more: DEE Development Engineers vs Akme Fintrade IPO | Which one should you bet on?

NIFTY:  The index opened 72 points higher at 23,629 and made a high of 23,664 before closing at 23,516. Nifty has formed a Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,570 while immediate support is at 23,480.

BANK NIFTY: The index opened 167 points higher at 50,607 and closed at 51,398. Bank Nifty has formed a long bullish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 51,600 while support is at 51,250.

Stocks in Spotlight

▪  Zomato: Stock gained 5% as reports surfaced claiming the company's intention to acquire Paytm's ticketing business.

▪  Ami Organics: Stock gained around 5%, after the company launched a QIP (qualified institutional placement) to raise up to Rs 500 crore.

▪  Indus Towers: Stock slumped 2.8% after Vodafone Group offloaded an 18% stake in the company worth Rs 15,300 crore through block deals.

Global News

▪  U.K. inflation fell to the Bank of England’s target of 2.0% in May, the Office for National Statistics said Wednesday, in the last print of the key economic measure ahead of national elections in July.

▪  Gold prices edged higher on Wednesday after softer U.S. retail sales data boosted expectations that the Federal Reserve will cut interest rates this year.

▪  The Israeli military approved operations plans for an “offensive” in Lebanon as fears grew that Israel and Hizbollah could slide into a full-blown conflict.

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