POST-MARKET SUMMARY 22nd July 2024
On July 22, the Indian benchmark indices ended lower for the second consecutive session amid selling in heavyweights as traders remained cautious a day ahead of the Union Budget announcements. Top Gainer: GRASIM | Top Loser: WIPRO
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On July 22, the Indian benchmark indices ended lower for the second consecutive session amid selling in heavyweights as traders remained cautious a day ahead of the Union Budget announcements. Markets opened lower amid weak global cues and slipped below 24,400. However, they witnessed a recovery in the initial hours but traded in the red throughout the session.
On the sectoral front, the auto, capital goods, healthcare, metal, and power indices went up 1%, while selling was seen in the media, bank, IT, realty, and FMCG sectors.
NIFTY: The index opened 85 points lower at 24,445 and made a high of 24,595 before closing at 24,509. Nifty has formed a bullish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 24,600 while immediate support is at 24,440.
BANK NIFTY: The index opened 120 points lower at 52,145 and closed at 52,280. Bank Nifty has formed a bullish candlestick pattern with upper and lower shadows on the daily chart. Its major resistance level is now placed at 52,800 while major support is at 51,750.
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Stocks in Spotlight
▪ Tejas Networks: Stock tanked over 6% even after the company reported strong earnings for the first quarter of the current financial year (Q1FY25).
▪ Paytm: Stock slipped 2% after the fintech reported a weak result for the June quarter. The firm’s net loss widened two-and half times on-year to Rs 839 crore.
▪ Oberoi Realty: Stock soared as much as 4.4% after the company reported solid earnings performance for the June quarter with 82% higher net profit.
Global News
▪ Gold prices edged up on Monday as the dollar weakened in response to President Joe Biden’s decision to withdraw from the 2024 presidential race.
▪ European stocks were higher on Monday as global markets reacted to the news regarding the U.S. political landscape.
▪ The dollar eased slightly against a basket of currencies on Monday while dropping versus the yen as investors focused on U.S. President Joe Biden’s decision to end his re-election campaign and the next moves from the Federal Reserve and the Bank of Japan.
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