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.

Indices closing for 24th July 2024
Major Market Indices data
FII/DII Data
Nifty Gainers & Losers

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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