POST-MARKET SUMMARY 5th July 2024

On July 5, Nifty and Sensex ended nearly unchanged after two days of hitting highs, as investor sentiment was dampened by private bank and financial service stocks.

Among sectoral indices, 6 gained over a percent, with energy being the standout performer. Key contributors to the rally included major companies like Reliance, ONGC, and NTPC. Other sectors that saw gains were pharma, healthcare, PSU banks, FMCG, and infrastructure.

NIFTY: The index opened 89 points lower at 24,213 and made a high of 24,363 before closing at 24,323. Nifty has formed a small bullish candle on the daily chart with small upper and lower shadow. Its immediate resistance level is now placed at 24,400 while immediate support is at 24,230.

BANK NIFTY: The index opened 543 points lower at 52,560 and closed at 52,660. Bank Nifty has formed an indecisive candlestick pattern on the daily chart. Its immediate resistance level is now placed at 52,820 while support is at 52,360.

Stocks in Spotlight

▪  RBL Bank: Stock slipped over 1% after the lender reported a sequential decline in its total deposits and current account savings account (CASA) in the June quarter business update.

▪  Raymond: Stock hit a record high of Rs 3,240 after the company's board greenlit the demerger of its real estate business, Raymond Realty.

▪  HDFC Bank: Stock declined over 4% after the bank reported a soft June quarter business update.

Global News

▪  The FTSE 100 eased back on Friday afternoon as investors reacted to the Labour Party’s landslide U.K. election victory.

▪  Gold prices extended gains on Friday to their highest level in a month, following key U.S. jobs data the showed labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September.

▪  Cryptocurrencies plunged on Friday as investors focused on the payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. Gox.

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