POST-MARKET SUMMARY 28th June 2024

On June 28, Indian equity indices extended their rally to achieve fresh record highs, with Nifty crossing another milestone of 24,100 and Sensex reaching 79,600, driven by gains in Reliance Industries and other heavyweight stocks. However, profit-booking at higher levels reversed all the day’s gains, resulting in a close in negative territory.

Sector-wise, Healthcare, Metal, PSU Bank, Oil & Gas, and Realty indices showed gains of 0.5-1%, while the Private Bank index declined by 1% and the Capital Goods index dropped by 0.4%.

NIFTY:  The index opened 41 points higher at 24,085 and made a high of 24,174 before closing at 24,010. Nifty has formed a bearish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 24,100 while immediate support is at 23,900.

BANK NIFTY: The index opened 63 points higher at 52,874 and closed at 52,342. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 53,700 while support is at 52,000.

Stocks in Spotlight

▪  Godrej Properties: Stock gained over 2% to hit an all-time high of Rs 3,170 after it reported highest-ever pre-sales of Rs 22,500 crore in FY24.

▪  JSW Infrastructure: Stock surged over 5% and hit a 52-week high of Rs 336 after announcing that it would acquire a majority stake in Navkar Corporation.

▪  Bharat Heavy Electricals: Stock rose 3.7% in early trade after the company received a contract worth Rs 13,300 crore to establish a 1,600 MW thermal power plant in Koderma, Jharkhand.

Global News

▪  The pan-European Stoxx 600 was down 0.02% at 3:45 p.m. London time, following three consecutive session declines and a morning in the red.

▪  Spot gold was 0.4% higher at $2,336.57 per ounce. Gold prices are up ~4% this quarter. U.S. gold futures edged 0.5% higher at $2,348.6.

▪  The euro was on track for its biggest monthly fall since January as political uncertainty weighed in the run up to France’s general elections, while the dollar jumped to a near four-decade high against the battered yen ahead of key inflation data.

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