POST-MARKET SUMMARY 1st July 2024

On July 1, Indian benchmark indices erased previous session losses and ended higher, driven by IT, Auto, and FMCG stocks. At close, the Sensex was up 443.46 points or 0.56% at 79,476.19, and the Nifty was up 131.40 points or 0.55% at 24,142. Among sectors, except for Power, PSU Bank, and Realty, all other indices ended in the green, with the IT index rising nearly 2%.

NIFTY:  The index opened 18 points lower at 23,992 and made a high of 24,164 before closing at 24,141. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,180 while immediate support is at 24,050.

BANK NIFTY: The index opened 9 points higher at 52,351 and closed at 52,574. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 52,700 while support is at 52,340.

Stocks in Spotlight

▪  PVR-Inox: Stock surged 4.8% fuelled by optimism surrounding strong box office collections and an impressive upcoming film slate.

▪  Zomato: Stock gained 1.6% nearing its 52-week high of Rs 207 amid heavy trading volumes.

▪  REC: Stock jumped 4.8% after the public sector undertaking reported a 27.8% increase in loan disbursements to Rs 43,652 in the first quarter of the current fiscal year.

Global News

▪  Gold prices edged higher on Monday as a lower dollar prompted some short-covering from investors with focus turning to U.S. jobs data due later this week that could offer more cues around interest rate cuts by the Federal Reserve.

▪  Europe’s Stoxx 600 index was up 0.74% by mid-afternoon Monday, rebounding from four straight losses.

▪  The euro climbed on Monday after a convincing and historic win by the French far right in the first round of parliamentary elections fell slightly short of some expectations, leaving the final result dependent on party deals before a second-round next weekend.

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