POST-MARKET SUMMARY 28 July 2023
On July 28, the Indian equity indices started the August series on a negative note, extending losses for the second consecutive session. The market experienced selling pressure in the IT, banking, and oil & gas sectors. The day began on a flat note amid mixed global cues and witnessed increased selling activity as it progressed.
NIFTY: The index opened flat at 19,659 and made a high of 19,695 before closing at 19,646. Nifty has formed a Doji kind of candlestick pattern on the daily chart, indicating indecisiveness among bulls and bears about the future market trend. Its immediate resistance level is now placed at 19,720 while immediate support is at 19,520.
BANK NIFTY: The index opened 119 points lower at 45,560 and closed at 45,468. Bank Nifty has formed a small bearish candlestick pattern with long upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 45,650 while support is at 45,200.
Stocks in Spotlight
▪ Intellect Design Arena Ltd: Stock jumped 20% after reporting a strong set of numbers for the June quarter. Revenue was up 18% YoY at Rs 639 crore.
▪ Indiabulls Housing Finance Ltd: Stock surged over 6.5% after its board approved raising up to Rs 35,000 crore. The company said it will seek shareholders’ approval for the fundraise, which will happen through the issue of NCDs and/or bonds.
▪ Railtel Corporation of India Ltd: Stock fell nearly 6% after the company reported a 16% contraction in the EBITDA margin during the June quarter.
Global News
▪ On Friday, gold prices remained close to their two-week lows as the dollar and bond yields gained strength due to robust US economic data in a high-interest rate setting. Consequently, the non-interest-bearing metal was pulled towards its most significant weekly decline in five weeks.
▪ Japan’s Nikkei 225 slid as much as 2.4% on Friday after the Bank of Japan adjusted its stance on its yield curve control policy.
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