POST-MARKET SUMMARY 20th June 2024
On June 20, the Indian equity market closed on a positive note amid volatility, with the Nifty finishing above 23,550. Top Gainer: HINDALCO | Top Loser: HEROMOTOCO
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On June 20, the Indian equity market closed on a positive note amid volatility, with the Nifty finishing above 23,550. Selling was seen in the auto, pharma, and PSU banks stocks, while buying was seen in the metal, capital goods, realty, and oil & gas sectors.
The broader market spectrum maintained a bullish stance, with the advance-decline ratio favouring the bulls. Meanwhile, the India VIX, the fear gauge, fell 2.68% to 13.34 levels, after rising in the previous couple of sessions.
NIFTY: The index opened 70 points higher at 23,586 and made a high of 23,624 before closing at 23,567. Nifty has formed a small-bodied bearish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 23,625 while immediate support is at 23,530.
BANK NIFTY: The index opened 314 points higher at 51,712 and closed at 51,783. Bank Nifty has formed a small bullish candle with a long lower shadow on the daily timeframe. Its immediate resistance level is now placed at 51,950 while support is at 51,600.
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Stocks in Spotlight
▪ NIACL: Stock jumped 6% after the firm appointed Girija Subramanian as Chairperson cum Managing Director (CMD) of the company.
▪ Sun Pharma: Stocks slipped 1.8% after it received a warning letter from United States Food & Drug Administration (USFDA) for current Good Manufacturing Practice (cGMP) violations at its Dadra facility.
▪ BSE: Stock fell 2.4% after a news report said that the government is mulling changes that could eventually mean higher taxation on Futures & Options (F&O) transactions.
Global News
▪ European stocks were higher on Thursday afternoon as investors reacted to policy rate decisions from three central banks.
▪ Gold prices hit a two-week high on Thursday, after recent weak U.S. economic data raised market expectations of interest rate cuts from the Federal Reserve later this year, while uncertainty surrounding multiple elections globally also lent support.
▪ The dollar climbed on Thursday, while the Swiss franc and pound dipped as a busy day of central bank meetings kept currency traders alert.
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