POST-MARKET SUMMARY 1st August 2024

On August 1, Indian markets gave up most of their morning gains and ended the day with a modest increase. Earlier in the morning, the Sensex hit a new record high of 82,129.49, while Nifty crossed the 25,000 mark for the first time. At close, the Sensex stood at 81,867.55, up by 0.15 points, and Nifty closed at 25,010.9, up by 0.24%.

Among sectoral losers, Nifty Media led with a 1.9% drop, followed by Nifty Realty and Nifty PSU Bank, down 1.7% and 1% respectively. Consumer Durables and IT indices fell 0.5% and 0.4%. On the other hand, Nifty Oil & Gas rose 0.4%, and Nifty Healthcare increased by 0.3%.

Meanwhile, in the primary market, another mainboard IPO opened for subscription today. Explore an in-depth analysis of the Ceigall India Ltd IPO including key strengths and risk factors before investing.

NIFTY:  The index opened 79 points higher at 25,030 and made a high of 25,078 before closing at 25,010. Nifty has formed a spinning top candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,080 while immediate support is at 24,950.

BANK NIFTY: The index opened 119 points higher at 51,672 and closed at 51,564. Bank Nifty has formed a bearish candlestick pattern with an upper and lower shadow on the daily chart. Its immediate resistance level is now placed at 51,800 while immediate support is at 51,400.

Stocks in Spotlight

▪  Sapphire Foods India: Stock jumped 3% after brokerages reiterated bullish calls on the stock after the Pizza Hut and KFC operator reported in-line earnings for the June quarter.

▪  Coal India: Stock gained 3.5% after the company reported a 4.2% YoY rise in consolidated net profit and a 1.3% increase in its revenue for the June quarter.

▪  KRBL: Stock fell 7.5% after the company reported a weak set of results for the June quarter.

Global News

▪  Gold prices dipped as the dollar rebounded on Thursday, after the bullion hit two-week highs earlier in the session on Federal Reserve Chair Jerome Powell’s indications that a September interest rate cut might be considered.

▪  The dollar rallied on Thursday after falling the previous day as central banks continued to roil currency markets, while sterling hit a three-week low ahead of a Bank of England decision.

▪  Asia-Pacific markets were mixed on Thursday, after comments from U.S. Federal Reserve Chair Jerome Powell indicated a rate cut in September if inflation data remained encouraging.

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