POST-MARKET SUMMARY 22nd August 2024
On August 22, Indian indices continued their winning streak for a third consecutive session, driven by buying across most sectors, except IT and Power. Investors are now closely monitoring the upcoming US unemployment claims, existing home sales, and PMI data, ahead of Fed Chair Powell’s speech at Jackson Hole, which is expected to provide insights into the timing of a potential rate cut.
Among sectors, the power index declined by 1%, while pharma, oil & gas, auto, and IT sectors ended slightly lower. In contrast, the banking, FMCG, metal, realty, and telecom indices gained 0.5-1.4%. The broader indices maintained their positive momentum for the fifth straight session, with the BSE midcap and smallcap indices both rising 0.6%.
NIFTY: The index opened 93 points higher at 24,863 and made a high of 24,867 before closing at 24,811. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,850 while immediate support is at 24,750.
BANK NIFTY: The index opened 209 points higher at 50,894 and closed at 50,985. Bank Nifty has formed a small bullish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 51,100 while support is at 50,800.
Stocks in Spotlight
▪ IREDA: Stock surged over 8% after the company said it is considering a fundraising proposal of up to Rs 4,500 crore.
▪ Paras Defence: Stock jumped 5% after the government granted the space tech player an industrial license to undertake manufacturing of key defence products.
▪ Nucleus Software: Stock plunged 6% after IT firm announced a Rs 72-crore share buyback at a price of Rs 1,615/share.
Also Read: Zomato to Acquire Paytm’s Entertainment Ticketing business for Rs 2,048 crore.
Global News
▪ Asia-Pacific markets mostly rose on Thursday, as investors digested business activity data from Australia and Japan and awaited PMI numbers from India.
▪ European shares climbed higher on Thursday as investors sifted through a wave of economic data from major European economies.
▪ The U.S. 10-year Treasury yield rose on Thursday, while gold prices declined due to a slight rise in the dollar, as investors looked ahead to remarks from Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium.
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