POST-MARKET SUMMARY 26th July 2024

On July 26, Indian benchmark indices snapped a five-day losing streak to end the week on a strong note. The Nifty 50 managed to scale a new peak in the last minutes of trade, ending the session just shy of its record high of 24,861.15. The Sensex also settled with strong gains, buoyed by positive cues from Asian markets combined with a sharp upmove in pharma stocks and other heavyweights.

On the sectoral front, all sectors ended in the positive territory, with information technology, automobiles, infrastructure, metals, and pharma recording the sharpest gains of 2-3%.

NIFTY:  The index opened flat at 24,423 and made a high of 24,861 before closing at 24,834. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,900 while immediate support is at 24,760.

BANK NIFTY: The index opened 432 points lower at 50,456 and closed at 51,295. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,500 while support is at 51,000.

Stocks in Spotlight

▪  SJVN: Stock zoomed over 11% a day after the company announced that it received a Letter of Intent (LoI) from the Government of Mizoram for the allotment of the Darzo Lui Pumped Storage Project.

▪  Cyient: Stock fell over 9% as investors were left disappointed with the company's June quarter results.

▪  Sterling and Wilson: Stock hit 5% upper circuit after the company bagged an order to set up a 500x2 (1,000 MWh) standalone battery energy storage system plant in Rajasthan.

Global News 

▪  Gold prices regained some ground on Friday after falling sharply in the previous session, with investors parsing key U.S. inflation data.

▪  The dollar eased fractionally along with Treasury yields after the release of U.S. price data that showed little worrisome inflation that would cause the Federal Reserve to rethink moving to a less restrictive monetary policy in the coming months.

▪  Asia-Pacific markets mostly rebounded on Friday, after Thursday’s sell-off saw some indices in the region hit their lowest level in months.

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