POST-MARKET SUMMARY 26th June 2024

On June 26, Indian benchmark indices extended their record run for a second consecutive session, with Nifty crossing 23,850 for the first time ever, led by banks and heavyweights. At close, the Sensex was up 620.73 points or 0.8% at 78,674.25, and the Nifty was up 147.50 points or 0.62% at 23,868.80. 

Among sectors, bank, oil & gas, telecom, media, and FMCG rose 0.3-2%, while auto, metal, and realty fell 0.7-1.5%.

NIFTY:  The index opened flat at 23,723 and made a high of 23,889 before closing at 23,868. Nifty has formed a bullish candlestick pattern on the daily chart for three days in a row. Its immediate resistance level is now placed at 23,900 while immediate support is at 23,780.

BANK NIFTY: The index opened 47 points higher at 52,653 and closed at 52,870. Bank Nifty has formed a bullish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 53,000 while support is at 52,600.

Stocks in Spotlight

▪  Hindustan Foods: Stock zoomed 15% in trade following a block deal worth Rs 638.40 crore.

▪  Mazagon Dock Shipbuilders: Stock soared 7.5% to hit a fresh record high of Rs 4,271.20 after the company was granted the 'Navratna' status by the Department of Public Enterprises.

▪  UltraTech Cement: Stock gained nearly 4% in the morning trade on news of the Aditya Birla-led cement player considering acquiring a stake in UAE-based RAK Cement (RAKWCT).

Global News 

▪  Gold prices fell to their lowest in nearly two weeks on Wednesday as the dollar firmed, while investors awaited a report on the Federal Reserve’s preferred inflation gauge due later this week for the latest clues on the central bank’s rate cut prospects.

▪  Major European bourses were down, with the pan-European Stoxx 600 0.63% lower at 2:44 p.m. London time after having risen earlier in the day.

▪  The yen dropped to its lowest level since 1986 against the dollar, keeping currency markets alert for any signs of intervention from Japanese authorities to boost the beleaguered currency.

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