POST-MARKET SUMMARY 5th August 2024

On August 5, the benchmark indices Nifty and Sensex had a weak start on the bourses, extending losses for the second consecutive session due to weak global cues and recessionary fears affecting sentiment across sectors. The Sensex opened 1.57% or 1,273.99 points lower at 79,707.96, while the Nifty was down 1.53% or 378 points at 24,339.70. Approximately 439 shares advanced, 2,362 shares declined, and 158 shares remained unchanged. All sectoral indices ended in the red, with auto, metal, capital goods, oil & gas, power, media, and realty each down by 4%.

Uncover the key factors leading to today's significant fall in the markets here

NIFTY:  The index opened 415 points lower at 24,302 and made a high of 24,350 before closing at 24,055. Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,200 while immediate support is at 23,900.

BANK NIFTY: The index opened 764 points lower at 50,586 and closed at 50,092. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 50,400 while immediate support is at 49,700.

Stocks in Spotlight

▪  Century Plyboards: Stock fell nearly 4% after the company reported a poor sequential as well as year-on-year earnings for the June quarter.

▪  Suven Life Sciences: Stock was locked in at a 5% lower circuit after the company reported a net loss of Rs 28 crore for the June quarter and its revenue fell 74% YoY to Rs 1 crore.

▪  Bharat Forge: Stock slumped over 6% after Class-8 truck orders in North America dropped to a 15-month low in July.

Global News

▪  Gold prices eased in a volatile trading session on Monday as investors liquidated positions in tandem with broader equities sell-off, though analysts said bullion’s safe-haven appeal remains strong as U.S. recession fears mount.

▪  European stocks fell sharply while the VIX volatility index spiked to a Covid-era high amid concerns of a looming U.S. recession.

▪  Japan stocks entered a bear market as Asia-Pacific markets continued the sell-off from last week, with the Nikkei 225 and Topix dropping over 12%.

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