POST-MARKET SUMMARY 24th June 2024

On June 24, Indian benchmark indices ended higher after a volatile session, with the Nifty managing to hold above 23,500, supported by gains in auto, capital goods, power, and FMCG sectors. After a weak start, the market saw a recovery in the initial hours and turned positive by the first half, maintaining its upward momentum in the second half. 

Among sectors, capital goods, auto, FMCG, telecom, and power indices rose by 0.5-1%, while metal, oil & gas, PSU Bank, and media indices fell by 0.5-1%. The Nifty index began the F&O expiry week on a volatile note, fluctuating within a 200-point range. Market sentiment was impacted by a 7% surge in India VIX, pushing it back above 14. The NSE advance-decline ratio was balanced at 1:1.

 NIFTY:  The index opened 119 points lower at 23,382 and made a high of 23,558 before closing at 23,537. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,580 while immediate support is at 23,460.

BANK NIFTY: The index opened 381 points lower at 51,280 and closed at 51,703. Bank Nifty has formed a bullish Piercing Line kind of candlestick pattern on the daily timeframe. Its immediate resistance level is now placed at 52,000 while support is at 51,500.

Stocks in Spotlight

▪  Route Mobile: Stock surged as much as 14% to hit a 52-week high of Rs 1,798.70 after the company informed that it has inked a pact with Billeasy to enable WhatsApp-based ticketing for Nagpur, Pune, Hyderabad, and Delhi metro(s).

▪  GRSE: Stock snapped a three-day losing run and rose over 9% after the company received an order worth $54 million from a German company for multi-purpose vessels.

▪  Cipla: Stock slipped 2% in the early trade after the company received six observations from the US FDA.

Global News 

▪  Gold prices edged up on Monday as U.S. Treasury yields eased, while investors awaited inflation reading due later this week that could influence the Federal Reserve’s interest rate trajectory.

▪  Oil prices firmed slightly on Monday as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar.

▪  The dollar was slightly weaker on Monday but remained close to an almost eight-week high, while the yen briefly jumped as it languished near the 160 level which had earlier drawn verbal warnings from Japanese authorities.

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