POST-MARKET SUMMARY 25 July 2023
On July 25, after experiencing a two-day fall, the Nifty was seen consolidating with minimal changes. Investors were cautious ahead of the US Federal Open Market Committee (FOMC) meeting outcome scheduled for Wednesday. The focus of the market is now on the Fed's decision regarding interest rates, which is expected to be announced by midnight on July 26. According to data from the CME FedWatch Tool, market expectations strongly suggest a 98% probability of a quarter-point rate increase.
NIFTY: The index opened 57 points higher at 19,729 and made a high of 19,729 before closing at 19,680. Nifty has formed a near hammer-like pattern after a two-day fall, suggesting the possibility of a short-term upward reversal. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,600.
BANK NIFTY: The index opened 231 points higher at 46,154 and closed at 45,845. Bank Nifty witnessed selling pressure after opening on a positive note, which indicates it was unable to sustain at the higher levels. Its immediate resistance level is now placed at 46,200 while support is at 45,500.
Stocks in Spotlight
▪ TVS Motor Company Ltd: Stock jumped nearly 6% after the company reported a 46% rise in net profit to Rs 468 crore for the June quarter.
▪ Tata Steel Ltd: Stock gained over 3% after the company posted better-than-expected earnings for the June quarter.
▪ Chennai Petroleum Corporation Ltd: Stock tanked 9.5% after the company put up a poor earnings show. Consolidated revenue fell 34% to Rs 17,985.67 crore in the June quarter.
Global News
▪ Pan-European Stoxx 600 index was up 0.3% by mid-afternoon, with mining stocks jumping 3.9% on the back of new Chinese stimulus measures, while travel and leisure stocks fell 0.9%.
▪ Oil prices edged higher, extending gains from the previous session, as signs of tighter supplies and pledges by Chinese authorities to shore up the country's economy lifted sentiment.
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