POST-MARKET SUMMARY 21st June 2024

On June 21, Indian markets ended lower amid profit-booking after six straight days of gains, tracking weak global equities. Sensex ended the day down 269 points at 77,209.90, while Nifty lost 65.90 points, closing at 23,501.10.

Among sectoral indices, Nifty FMCG was the biggest loser, down 1.3%, followed by Nifty Oil & Gas and Nifty PSU Bank, both down 1%. Nifty Auto and Realty indices each declined by 0.7%, while Nifty Bank slipped 0.3%. On the other hand, Nifty IT and Consumer Durables were the top gainers, each up more than 0.7%.

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 NIFTY:  The index opened 94 points higher at 23,661 and made a high of 23,667 before closing at 23,501. Nifty has formed a bearish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 23,540 while immediate support is at 23,400.

BANK NIFTY: The index opened 144 points higher at 51,927 and closed at 51,661. Bank Nifty has formed a bearish candle with a long lower shadow on the daily timeframe. Its immediate resistance level is now placed at 51,750 while support is at 51,400.

Stocks in Spotlight

▪  GE Power India: Stock surged over 6% after the company secured a letter of intent (LoI) for a contract valued at Rs 243.46 crore from NTPC GE Power Services Pvt Ltd.

▪  Time Technoplast: Stock zoomed nearly 13% and hit a 52-week high of Rs 335 after the company received final approval for manufacturing Type-IV hydrogen composite cylinders.

▪  RailTel Corporation of India: Stock rallied over 12% after it bagged work order from South Central Railway worth Rs 20.22 crore.

Global News

▪  Gold prices were set to post a second consecutive weekly gain on Friday as recent softer U.S. economic data kept traders optimistic about interest-rate cuts later this year, with other precious metals also heading for a weekly gain.

▪  The dollar touched an eight-week high crossing 159 yen on Friday and hit highest in nearly five weeks against the sterling, with the Federal Reserve’s patient approach to cutting interest rates contrasting with more dovish stances elsewhere.

▪  Asia-Pacific markets mostly fell on Friday after Japan’s May core inflation data came in slightly cooler than expected, jeopardizing the country’s plans to raise interest rates.

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