POST-MARKET SUMMARY 23rd July 2024

On July 23, Indian equity indices ended lower for the third consecutive session. Despite initially starting strong amid positive global cues, the indices erased all gains and traded flat in the first half. In the second half, profit booking dragged the Nifty below 24,100 after Finance Minister Nirmala Sitharaman, in her Union Budget speech, announced a hike in the long-term capital gains tax (LTCG) on all financial and non-financial assets to 12.5% from 10%. However, last-hour buying helped the indices end on a flat note.

Among sectors, FMCG, healthcare, media, and IT indices were up 0.5-2.5%, while bank, capital goods, metal, oil & gas, and realty sectors were down 1-2%.

Also Read: Union Budget 2024-25: Major Wins & Unexpected Setbacks Analysed

NIFTY:  The index opened 59 points higher at 24,568 and made a high of 24,582 before closing at 24,479. Nifty has formed a bearish candlestick pattern with a long lower shadow, resembling a Hammer-like pattern on the daily chart. Its immediate resistance level is now placed at 24,545 while immediate support is at 24,400.

BANK NIFTY: The index opened 231 points higher at 52,511 and closed at 51,778. Bank Nifty has formed a long bearish candlestick pattern, resembling a Bearish Engulfing sort of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,900 while support is at 51,600.

Stocks in Spotlight

▪  RailTel: Stock jumped over 3% after the company secured a Rs 186.81 crore worth order from the Ministry of Railways.

▪  Cyient DLM: Stock slipped 3.5% on profit booking after the company announced stellar results, with net profit nearly doubling in Q1

▪  Oil India: Stock gained 3% on signing a new contract with Norway’s Dolphin Drilling.

Global News 

▪  European stocks turned negative on Tuesday afternoon as investors assessed the latest earnings reports from regional companies.

▪  U.S. Treasury yields were slightly lower on Tuesday as investors considered the outlook for the U.S. economy ahead of key data slated for the week.

▪  Asian stocks bounced from one-month lows on Tuesday, with Taiwan's market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery, while sagging commodity prices weighed on the Aussie dollar.

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