POST-MARKET SUMMARY 31 July 2023

Benchmark indices commenced the week on a positive note, snapping a two-day losing streak. The Nifty climbed above 19,750, driven by favourable global cues and broad-based buying across sectors, except for FMCG companies. After a flat opening, the market swiftly rebounded during the early hours and continued to gain momentum throughout the day, eventually closing near its highest point for the day.

NIFTY: The index opened 20 points higher at 19,666 and made a high of 19,772 before closing at 19,753. Nifty has formed a bullish candlestick pattern with a small lower shadow on the daily chart, making a higher high- higher low formation. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,600.

BANK NIFTY:  The index opened 78 points higher at 45,546 and closed at 45,651. Bank Nifty has formed a small-bodied bullish candlestick with minor lower shadow on the daily chart. Its immediate resistance level is now placed at 45,800 while support is at 45,300.

Stocks in Spotlight

▪  Piramal Enterprises Ltd:   Stock slumped 6% after the company reported a sharp drop in pre-provisioning operating profit (PPOP) – which excludes provision, exceptional items, and taxes – for the quarter ended June 2023.

▪  NTPC Ltd:  Stock rallied 4% despite lukewarm earnings in the quarter ended June. The company reported a standalone net profit of Rs 4,066 crore, up 9%.

▪  Power Grid Ltd:   Stock spiked 3% after the company was declared a successful bidder for a host of inter-state transmission system projects.

Global News

▪  The Stoxx 600 index was up 0.2% in early afternoon trade after preliminary data showed headline inflation in the euro zone fell to 5.3% in July.

▪  Asia-Pacific markets rose on Monday as China’s factory activity for July remained in contraction territory for the fourth straight month. The official Manufacturing PMI came in at 49.3, higher than June’s figure of 49.

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