POST-MARKET SUMMARY 7th August 2024
On August 7, the Indian benchmark indices snapped a three-day losing streak and ended higher, with the Nifty closing near the key 24,300 level, driven by buying across sectors and ahead of the RBI policy outcome tomorrow. The market opened higher amid positive global cues but saw some profit booking at higher levels as the day progressed, ultimately ending on a strong note. All sectoral indices ended in the green, with metal, healthcare, media, power, telecom, oil & gas, and capital goods up 2-3%.
NIFTY: The index opened 297 points higher at 24,289 and made a high of 24,337 before closing at 24,297. Nifty formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,380 while immediate support is at 24,180.
BANK NIFTY: The index opened 538 points higher at 50,286 and closed at 50,119. Bank Nifty has formed a small bearish candlestick pattern with a long lower shadow, resembling an Inside Bar candlestick pattern on the daily chart. Its immediate resistance level is now placed at 50,350 while immediate support is at 49,850.
Stocks in Spotlight
▪ Lupin: Stock surged over 4% in after the company reported strong all-round performance in the April-June quarter.
▪ Gland Pharma: Stock dived 4% after the company reported dismal earnings for the fiscal first quarter.
▪ Oil and Natural Gas Corporation: Stock surged over 7% after the company raised its production guidance for FY25.
Global News
▪ Gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields strengthened, while traders awaited further cues to gauge the size of the Federal Reserve’s likely September interest rate cut.
▪ Oil prices crept higher on Wednesday, though Brent still languished near seven-month lows, pressured by concerns over weak demand and fears of recession in the United States.
▪ Asia-Pacific markets rose on Wednesday following a rebound in major indexes on Wall Street that broke a three-day stretch of losses.
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