POST-MARKET SUMMARY 20th August 2024
On August 20, the Indian market ended on a strong note after a lackluster previous session, pushing the Nifty past 24,700 intraday.
The market opened higher, with the Nifty around 24,650, and extended its gains as the day progressed. However, last-hour selling erased some of the intraday gains. The Sensex rose 378.18 points or 0.47% to close at 80,802.86, while the Nifty gained 126.10 points or 0.51% to end at 24,698.80.
Except for FMCG, all other sectoral indices closed in the green, with banking, healthcare, IT, metals, and power up by 0.5-1%.
NIFTY: The index opened 76 points higher at 24,648 and made a high of 24,734 before closing at 24,698. Nifty has formed a bullish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 24,800 while immediate support is at 24,600.
BANK NIFTY: The index opened 49 points higher at 50,417 and closed at 50,803. Bank Nifty has formed a bullish candlestick pattern with a minor upper shadow on the daily chart. Its immediate resistance level is now placed at 51,000 while immediate support is around 50,600.
Stocks in Spotlight
▪ Allcargo Logistics: Stock zoomed over 9% as investors cheered the company's healthy business update for the month of July.
▪ IndusInd Bank: Stock gained 2.6% after the Reserve Bank of India approved plan to set up a wholly-owned asset management subsidiary.
▪ Poly Medicure: Stock rose over 3% as the company launched a Qualified Institutional Placement (QIP) to raise Rs 1,000 crore.
Global News
▪ European stocks moved lower Tuesday afternoon, as market uncertainty over the outlook for interest rate cuts lingers.
▪ Gold prices hit a record high on Tuesday as a weaker dollar and buying by Western investors extended the precious metal’s rally amid bets the U.S. Federal Reserve will cut interest rates in September.
▪ The dollar hit a fresh seven-month low on Tuesday with traders bracing for comments from Federal Reserve Chair Jerome Powell due on Friday, which could provide clues about the speed of the U.S. monetary easing cycle.
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