POST-MARKET SUMMARY 24 July 2023
On July 24, benchmark indices closed lower due to significant selling pressure amid weak global cues and the ongoing earnings season. As the first-quarter earnings reports are currently unfolding, market expectations are being adjusted accordingly, leading to profit-booking in both heavyweight stocks and financial sectors in response to the recent news flows.
NIFTY: The index opened flat at 19,748 and made a high of 19,782 before closing at 19,672. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,600.
BANK NIFTY: The index opened 56 points higher at 46,131 and closed at 45,923. We're seeing a tug-of-war between the bulls and bears, resulting in a sideways movement. Its immediate resistance level is now placed at 46,200 while support is at 45,700.
Stocks in Spotlight
▪ Biocon Ltd: Stock fell 5.5% after the company received six observations from the US Food & Drug Administration (USFDA).
▪ NHPC Ltd: Stock jumped 6% as the Arunachal Pradesh government approved for allotment of Subansiri Upper HE Project (2000 MW) and Kamala HE Project (1800 MW) to the company.
▪ Power Finance Corporation Ltd: Stock gained over 5.5% after the company signed 19 contracts worth Rs 2.37 lakh crore in the clean energy space.
Global News
▪ Pan-European Stoxx 600 moved lower in early afternoon deals, slipping 0.2%, with all major bourses trading in negative territory. Household goods led losses, dropping 1.5%, while telecoms stocks added 1%.
▪ Gold prices held steady on Monday as investors awaited a US Federal Reserve meeting this week where the central bank could signal a pause in interest rate hikes from July.
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