POST-MARKET SUMMARY 27th June 2024

On June 27, Indian benchmark indices rallied for the third consecutive session, with Nifty crossing 24,000 for the first time ever, supported by Information Technology and Energy stocks. After a weak start, the market erased opening losses in the initial hours and extended the gains as the day progressed to hit fresh milestones. Among sectors, IT and Power indices rose 1.7%, while the PSU Bank index was down 1% 

NIFTY:  The index opened flat at 23,881 and made a high of 24,087 before closing at 24,044. Nifty has formed a long bullish candlestick pattern on the daily chart for the fourth consecutive session. Its immediate resistance level is now placed at 24,090 while immediate support is at 24,000 .

BANK NIFTY: The index opened 110 points higher at 52,980 and closed at 52,811. Bank Nifty has formed a bearish candlestick pattern with upper and lower shadows, resembling a High Wave kind of pattern on the daily chart. Its immediate resistance level is now placed at 53,000 while support is at 52,650.

Stocks in Spotlight

▪  CSB Bank: Stock soar 7.5% after Rs 595 crore block deal took place on the stock exchanges. As much as 9.7% stake in the bank was sold in a block deal worth Rs 595 crore, with promoter FIH Mauritius Investments being the likely seller.

▪  KEC International: Stock rose 5% in the opening trade after the company secured new orders of Rs 1,025 crore in T&D and Cables businesses.

▪  India Cements: Stock surged over 11% after UltraTech announced acquisition of 23% stake in India Cements for ~Rs 1,900 crore. Read More: UltraTech Cements Market Dominance With Its latest Strategic Move. Should You Buy?

Global News 

▪  Gold prices steadied on Thursday after falling to a two-week low in the previous session, while investors awaited U.S. inflation data for insights into how soon the Federal Reserve will cut interest rates.

▪  The pan-European Stoxx 600 dipped 0.26% by 2:04 p.m. London time, with most sectors and major bourses trading in mixed territory. Oil & Gas stocks added 0.48%, while Retail shed 1.49%.

▪  Oil prices edged up on Thursday as supply disruption risks from rising geopolitical tensions in the Middle East helped to counter demand fears after a surprise build in U.S. stockpiles.

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