POST-MARKET SUMMARY 24th July 2024

On July 24, Indian benchmark indices witnessed profit-booking for the fourth consecutive session, with the Nifty falling below 24,450, primarily led by banking names. At close, the Sensex was down 280.16 points or 0.35% at 80,148.88, and the Nifty was down 65.50 points or 0.27% at 24,413.50. Despite weak global cues, the Indian indices opened higher but turned lower in the initial hour, extending losses as the day progressed. However, last-hour buying helped erase some of the intraday losses.

On the sectoral front, healthcare, oil & gas, media, telecom, and power sectors were up 1-2%, while FMCG and the bank index were down 0.5-1%.

NIFTY: The index opened 35 points lower at 24,444 and made a high of 24,504 before closing at 24,413. Nifty has formed a bearish candlestick pattern with a long lower shadow and a minor upper shadow on the daily chart. Its immediate resistance level is now placed at 24,500 while immediate support is at 24,300.

BANK NIFTY: The index opened 121 points lower at 51,657 and closed at 51,317. Bank Nifty has formed a bearish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 51,500 while immediate support is at 51,000.

Stocks in Spotlight

 ▪ United Spirits: Stock soared 6.5% to hit a record high of Rs 1,417.30, a day after the liquor company reported positive earnings for the June quarter.

▪  Bajel Projects: Stock soared as much as 9.7% after the company announced that it has secured an order worth Rs 586.28 crore from Power Grid.

▪  ICICI Prudential Life: Stock jumped nearly 8% after the company reported a 8.9% YoY rise in net profit at Rs 225.4 crore.

Global News

▪  Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline.

▪  Asia-Pacific markets fell on Wednesday as traders assessed July business activity data from Japan and Australia, and tech earnings from the U.S.

▪  European stock markets tumbled at the open on Wednesday following mixed corporate earnings reports. London's FTSE 100 dropped 0.4% while the Paris CAC 40 sank 1.2% and the Frankfurt DAX shed 0.8%.

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