POST-MARKET SUMMARY 25th June 2024

On June 25, Indian markets closed at fresh record highs, driven by gains in Banking and IT stocks. The market surge followed RBI data released a day earlier, which indicated a current account surplus of $5.7 billion, or 0.6% of GDP, in the fourth quarter of the fiscal year 2023-24.

Among sectoral indices, Nifty Bank and Nifty Private Bank each rose by 1.7%, while Nifty IT increased by 0.8%. Conversely, Nifty Realty declined by 1.8%, with Nifty Metal and Nifty Media falling by 0.7% and 0.5%, respectively.

In the primary market, Allied Blenders & Distillers Ltd received 51% subscription on the first day of bidding. For a deeper dive into this IPO, explore: IPO Corner on Liquide

NIFTY:  The index opened 40 points higher at 23,577 and made a high of 23,754 before closing at 23,721. Nifty has formed a bullish candlestick pattern once again on the daily chart. Its immediate resistance level is now placed at 23,800 while immediate support is at 23,670.

BANK NIFTY: The index opened 56 points higher at 51,759 and closed at 52,606. Bank Nifty has formed a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 52,750 while support is at 52,500.

Stocks in Spotlight

▪  Amara Raja: Stock zoomed 20% to hit an all-time high after the battery maker announced that it has entered into a technical licensing agreement with China-based Gotion High-Tech.

▪  Craftsman Automation: Stock snapped a three-day losing run and rose over 10% after the company signed a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions and Kedaara Capital Fund II LLP to potentially acquire all or part of Sunbeam's business.

▪  Borosil: Stock jumped 6% after the company informed that its board approved fund-raising via Qualified Institution Placement (QIP).

Global News

▪  Gold prices were steady on Tuesday as Western investors were waiting for the U.S. inflation data due later this week for more certainty on the timing of future U.S. rate cuts, while weaker Chinese currency was supporting demand in Asia.

▪  European stocks were lower today, following souring U.S. market sentiment in the beginning of the week.

▪  The dollar attempted to break above the key 160-yen level on Tuesday but with little success as fears of intervention from Japanese officials deterred traders from punishing the yen too severely against other currencies.

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