POST-MARKET SUMMARY 2nd August 2024

On August 2, Indian markets fell over 1%, mirroring global equity trends due to growing concerns about the US economy and the tech sector outlook. At closing, the Sensex stood at 80,982, down 885.6 points or 1.08%, while the Nifty settled at 24,717.70, down 293.20 points or 1.17%.

Among sectoral indices, Nifty Realty was the biggest loser, dropping 3%, followed by Nifty Auto and Nifty Metal, down 3% and 2.7%, respectively. Nifty IT fell 2.5%, and Nifty PSU Bank declined 1.7%. The sole gainer was Nifty Pharma, which rose 0.4%.

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NIFTY:  The index opened 221 points lower at 24,789 and made a high of 24,851 before closing at 24,717. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,800 while immediate support is at 24,650.

BANK NIFTY: The index opened 392 points lower at 51,172 and closed at 51,350. Bank Nifty has formed a Shooting Star like candlestick on the daily chart. Its immediate resistance level is now placed at 51,600 while immediate support is at 51,100.

Stocks in Spotlight

▪  Zomato: Stock zoomed over 12% as investors cheered the food aggregator firm's stellar earnings for the June quarter, with all segments registering healthy growth.

▪  Triveni Engineering & Industries: Stock fell over 4% after the company reported a 54% drop in its consolidated net profit for the June quarter.

▪  SJS Enterprise: Stock rose over 15% after the company posted robust earnings for the June quarter.

Global News

▪  Gold prices were set for their best week since April, supported by safe-haven demand and expectations that the Federal Reserve would start cutting interest rates in September.

▪  The U.S. dollar dropped after data on Friday showed that employers added fewer jobs in July than economists had forecast, while the unemployment rate unexpectedly moved higher.

▪  U.S. crude oil fell nearly 3% on Friday, after a weak jobs report raised renewed fears that a recession could be on the horizon.

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