POST-MARKET SUMMARY 29th July 2024

On July 29, the markets began the trading week on a strong note, continuing the previous session's record run, with benchmarks hitting fresh all-time highs led by banking stocks following robust earnings reported over the weekend. The Nifty50 and BSE Sensex touched new record highs of 24,999.75 and 81,908.43, respectively. With strong global cues, the Indian indices opened at fresh record highs and extended their gains in the first half. However, they erased all gains in the second half, ending with little change from the previous close.

On the sectoral front, IT, FMCG, and telecom were down 0.4% each, while auto, banking, media, capital goods, oil & gas, power, and realty sectors rose between 0.5% and 2.5%.

NIFTY:  The index opened 109 points higher at 24,943 and made a high of 24,999 before closing at 24,836. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,900 while immediate support is at 24,780.

BANK NIFTY: The index opened 251 points higher at 51,546 and closed at 51,406. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow, resembling a Shooting Star kind of pattern (not a classical one) on the daily chart. Its immediate resistance level is now placed at 51,560 while immediate support is at 51,270.

Stocks in Spotlight

▪  RITES: Stock zoomed over 14% after the railway-linked state-run company informed the exchanges that it will hold a board meet on July 31 to consider a bonus issue of shares.

▪  Bandhan Bank: Stock surged over 13% after the bank reported a strong set of Q1FY25 earnings.

▪  Cyient DLM: Stock gained as much as 12.5% after the company said that it has won a contract from Boeing to produce the battery diode module (BDM) for the 787 Dreamliner.

Global News

▪  The Stoxx 600 index was up 0.30% by 2:03 p.m. London time, with most sectors and major bourses across the region trading in the green. Oil and Gas stocks added more than 1.04%, while Travel and Leisure fell 1.2%.

▪  The dollar ticked higher on Monday as traders looked ahead to policy decisions by the Federal Reserve and Bank of Japan on Wednesday for further direction.

▪  Oil prices were stable on Monday as fears of a widening conflict in the Middle East after a rocket strike in the Israeli-occupied Golan Heights put a floor under last week’s price losses.

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