POST-MARKET SUMMARY 25th July 2024

On July 25, profit-booking continued for the fifth straight session, with Nifty managing to close around 24,400 amid F&O expiry day volatility. At close, the Sensex was down 109.08 points or 0.14% at 80,039.80, and the Nifty was down 7.40 points or 0.03% at 24,406.10. The Nifty index recovered 195 points from the day's low, while the Sensex saw a recovery of 560 points from the day's low.

On the sectoral front, auto, capital goods, power, oil & gas, healthcare, and media rose 0.5-3%, while bank, IT, metal, realty, and telecom shed 0.5-1%.

NIFTY: The index opened 183 points lower at 24,230 and made a high of 24,426 before closing at 24,406. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,455 while immediate support is at 24,350.

BANK NIFTY: The index opened 555 points lower at 50,762 and closed at 50,888. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,000 while immediate support is at 50,600.

Stocks in Spotlight

▪  RBL Bank: Stock fell 3% after a 7.95% stake was sold through a block deal on the stock exchanges.

▪  Axis Bank: Stock plunged 5% after the lender reported its June quarter earnings, which highlighted its worsening asset quality. Dive into the details here

▪  RVNL: Stock fell 3% amid profit-booking despite the company receiving a Letter of Acceptance (LoA) for a project worth Rs 191.53 crore from South Eastern Railway.

Global News

▪  Gold slid over 1% on Thursday, falling to its lowest level in two weeks, as investors squared positions to focus on U.S. economic data that could offer additional insights into the timing of the Federal Reserve’s potential interest rate cuts.

▪  The U.S. dollar trimmed losses on Thursday after data showed the world’s largest economy expanded faster than expected and inflation slowed in the second quarter.

▪  China’s central bank cut the medium-term facility lending rate to 2.3% from 2.5%, in its latest move to stimulate the economy after lowering its loan prime rates on Monday.

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