POST-MARKET SUMMARY 29th August 2024
On August 29, Indian benchmark indices continued their upward trend from the previous session, closing at new all-time highs. The surge was led by index heavyweights such as Reliance Industries following its announcement of a potential bonus issue and the approval of its merger with Disney by the CCI. For more details on the merger and an in-depth analysis of what lies ahead, read: CCI Approves Reliance-Disney Merger: Key Insights & Post-Merger Outlook.
At close, the Sensex was up 349.05 points or 0.43% at 82,134.61 while the Nifty gained 99.60 points or 0.40% to 25,152. Among sector, auto, oil & gas, telecom, IT, and FMCG rose by 0.5-1%, while capital goods, pharma, media, metal, and power were down by 0.3-0.7%.
NIFTY: The index opened flat at 25,035 and made a high of 25,192 before closing at 25,151. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,200 while immediate support is at 25,070.
BANK NIFTY: The index opened 40 points lower at 51,103 and closed at 51,152. Bank Nifty has formed a small-bodied bullish candlestick pattern with a long upper and a minor lower shadow on the daily chart. Its immediate resistance level is now placed at 51,350 while support is at 50,950.
Stocks in Spotlight
▪ Reliance Industries: Stock gained nearly 2% after India's largest conglomerate announced that its board will consider a 1:1 bonus share issue on September 5.
▪ Sonata Software: Stock jumped 6% after the company bagged a multi-year, multi-million dollar IT outsourcing contract from a US-based premier healthcare and wellness company.
▪ KEC International: Stock rose 4% following the company's announcement of winning new Transmission and Distribution (T&D) orders worth Rs 1,171 crore in the Middle East.
Global News
▪ Gold prices rose on Thursday on expectations that the Federal Reserve might begin interest rate cuts next month, and underpinned by ongoing tensions in the Middle East while a slew of U.S. economic data remained on investors’ radar.
▪ The euro fell versus the dollar after German inflation data led investors to increase their bets on the European Central Bank interest rate easing cycle.
▪ Oil prices steadied on Thursday, after two sessions of losses, as supply concerns over Libya returned to focus, while a smaller-than-expected draw in U.S. crude inventories sapped demand expectations.
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