POST-MARKET SUMMARY 3rd July 2024

On July 3, bulls returned to Dalal Street as both benchmarks crossed major milestones. The market opened at fresh highs, with Nifty and Sensex crossing 24,300 and 80,000, respectively, for the first time. However, as the day progressed, the market experienced some profit-booking but remained in the positive territory, closing near the day’s high levels.

Among sectors, all sectoral indices, except media, ended in the green, with power, capital goods, bank, and metal rising 1-2%.

NIFTY:  The index opened 168 points higher at 24,291 and made a high of 24,309 before closing at 24,286. Nifty has formed a Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,350 while immediate support is at 24,230.

BANK NIFTY: The index opened 704 points higher at 52,872 and closed at 53,089. Bank Nifty has formed a bullish candlestick pattern with a minor upper shadow and a long lower shadow on the daily chart. Its immediate resistance level is now placed at 53,250 while support is at 52,800.

Stocks in Spotlight

▪  MOIL: Stock surged as much as 6.8% after the company posted record quarterly sales and production in the June quarter.

▪  V-Mart Retail: Stock jumped 5.2% and hit a 52-week high of Rs 3,035, buoyed by the company's robust quarterly updates, showcasing healthy revenue and same-store sales growth (SSSG).

▪  Federal Bank: Stock rose 3.6% to hit a fresh 52-week high after it reported a strong business update for Q1FY25.

Global News

▪  Gold prices rose more than 1% to a near two-week high on Wednesday, driven by increased bets for a September interest rate cut by the Federal Reserve after recent U.S. data suggested that the labor market was softening.

▪  After a negative performance last week, the pan-European Stoxx 600 has been choppy so far in July. The index provisionally closed 0.8% higher, with most sectors in the green led by mining stocks, up 2.3%.

▪  The yen sank to a fresh 38-year low against the U.S. dollar, with market participants on high alert for Japan’s intervention to boost the currency.

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