POST-MARKET SUMMARY 4th July 2024

On July 4, benchmark indices Nifty and Sensex shed almost all gains to end the day marginally higher in a choppy trading session. A rally in IT stocks, along with supportive global cues and hopes of a positive budget, kept the indices in the green today.

Among sectors, the pharma and healthcare indices edged higher, each gaining over 1%. Major names in the pharma sector, including Lupin, Sun Pharma, and Zydus Life, saw the biggest up moves during the session. Conversely, FMCG slipped the most, down 0.2%, while infra and metal indices ended marginally lower.

Two mainboard IPOs are live in the primary market. Here's a detailed breakdown of both offerings to help you decide which IPO might suit your investment strategy better: IPO Analysis: Emcure Pharmaceuticals Ltd vs Bansal Wire Industries Ltd

NIFTY:  The index opened 83 points higher at 24,369 and made a high of 24,401 before closing at 24,302. Nifty has formed a small bearish candle 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 268 points higher at 53,357 and closed at 53,103. Bank Nifty has formed a shaved head hammer candlestick pattern on the daily chart. Its immediate resistance level is now placed at 53,300 while support is at 52,800.

Stocks in Spotlight

▪  Cello World: Stock gained 2% after the company launched a qualified institutional placement (QIP) to raise Rs 730 crore.

▪  ITD Cementation: Stock fell 14% after the company's promoter Italian Thai Development Public stated plans of exploring potential divestment of stake.

▪  Inox Wind: Stock skyrocketed over 13% after the company informed that it has received a Rs 900-crore capital infusion from promoter Inox Wind Energy Limited (IWEL).

Global News

▪  European stocks were higher for a second straight session on Thursday, regaining some momentum as the U.K.’s general election draws focus in the region.

▪  Asia-Pacific markets mostly rose as Japan’s major indexes as well as Taiwan’s benchmark hit all-time highs.

▪  Crude oil prices traded lower on Thursday after gaining a percent in the previous session. Brent crude futures fell 0.39% to $87 a barrel, while US West Texas Intermediate (WTI) crude futures declined 0.42% to $83.53.

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