POST-MARKET SUMMARY 6th August 2024

On August 6, the Indian markets failed to maintain the morning gains and ended lower for the third consecutive session amid volatility driven by mixed sectoral performance. At close, the Sensex was down 125.84 points or 0.16% at 78,633.56, and the Nifty was down 63.05 points or 0.26% at 23,992.55.

Among sectors, auto, bank, and oil & gas were down 0.5% each, while IT, metal, and realty were up 0.3-0.8%.

NIFTY:  The index opened 134 points higher at 24,189 and made a high of 24,382 before closing at 23,992. Nifty has formed a bearish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 24,100 while immediate support is at 23,900.

BANK NIFTY: The index opened 344 points higher at 50,436 and closed at 49,748. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 50,000 while immediate support is at 49,500.

Stocks in Spotlight

▪  Brigade Enterprises: Stock gained over 3%, a day after the Bengaluru-based real estate firm reported that its profit in the fiscal first quarter (Q1FY25) grew nearly four-fold on-year to Rs 81 crore.

▪  Marico: Stock tumbled over 6% as a result of the ongoing political unrest in Bangladesh.

▪  Triveni Turbines: Stock jumped nearly 4% after the company reported a 32% rise in net profit on a year-on-year basis for Q1 FY25.

Global News

▪  Gold prices inched up on Tuesday and analysts noted that the non-yielding metal’s outlook remains positive as latest commentary from Federal Reserve officials and data point towards bigger U.S. interest rate cuts.

▪  The pan-European Stoxx 600 was 0.2% higher at 3:15 p.m. London time, exiting negative territory after U.S. stock markets opened in the green.

▪  The Japanese yen steadied on Tuesday, and the dollar climbed against most currencies, as some of the more striking moves of recent days reversed somewhat, and a hint of calm returned to markets.

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