POST-MARKET SUMMARY 31st July 2024
On July 31, Indian markets closed higher, mirroring trends in European and Asian equities ahead of the key US Federal Reserve's interest rate outcome, which is due later on Wednesday. At closing, the Sensex rose 0.35% (286 points) to 81,741 points, while the Nifty50 settled 0.38% higher at 24,951.15 points.
Among sectoral indices, Nifty Metal was the top gainer, up 1.2%, followed by Nifty Pharma and Media, each up over 1%. Nifty PSU Bank and Nifty Realty both fell 0.4%.
In related developments, SEBI has released a consultation paper suggesting new regulations for options trading, aiming to tighten controls in a market that has seen significant speculative activity from retail investors. Read more about it here
NIFTY: The index opened 29 points higher at 24,886 and made a high of 24,984 before closing at 24,951. Nifty has formed a small bullish candle on the daily chart. Its immediate resistance level is now placed at 25,000 while immediate support is at 24,900.
BANK NIFTY: The index opened 84 points higher at 51,583 and closed at 51,553. Bank Nifty has formed an indecisive candle on the daily chart. Its immediate resistance level is now placed at 51,775 while immediate support is at 51,350.
Stocks in Spotlight
▪ Torrent Power: Stock soared over 16% to hit a fresh record high of Rs 1,898 on NSE after the integrated power utility reported stellar earnings for the June quarter.
▪ IndiaMART InterMESH: Stock tumbled nearly 7% after the firm reported an addition of just 1,500 subscribers during the June quarter, falling sharply below Street estimates.
▪ GAIL India: Stock jumped over 3% after the country’s largest gas distributor reported a strong set of earnings for the June quarter.
Global News
▪ Gold prices firmed on Wednesday following the killing of Hamas leader in Iran, with the metal heading for a monthly gain driven by optimism about potential U.S. interest rate cuts as focus shifts to the Federal Reserve’s upcoming policy decision.
▪ The yen hit its strongest in over four months on Wednesday, as Bank of Japan (BOJ) Governor Kazuo Ueda flagged the possibility of more rate hikes after the central bank raised interest rates and unveiled a plan to taper its huge bond-buying programme.
▪ Asia-Pacific markets rose on Wednesday as investors assessed China’s business activity data, with Japan’s Nikkei 225 reversing course to log gains after the country’s central bank raised benchmark interest rates to around 0.25%.
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