POST-MARKET SUMMARY 7th June 2024
On June 7, Indian benchmark indices ended on a positive note for the third consecutive session, with the BSE Sensex hitting an all-time high and the Nifty 50 index inching closer to its record high level. After a flat start, the market extended its gains, ending 2% higher and recording the biggest weekly gain in 2024 amid volatility. All the sectoral indices ended in the green, with auto, IT, power, telecom, and metal sectors up 2-3%.
In its latest policy meeting, the Reserve Bank of India kept key rates unchanged for the eighth consecutive time and increased the growth forecast for FY25 to 7.2%. Read More: RBI Holds Repo Rate at 6.5% | Analysing the Market's Positive Reaction
NIFTY: The index opened flat at 22,821 and made a high of 23,320 before closing at 23,290. Nifty has formed a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23, 340 while immediate support is at 23,150.
BANK NIFTY: The index opened flat at at 49,316 and closed at 49,803. Bank Nifty has formed a bullish engulfing candlestick pattern on the daily timeframe. Its immediate resistance level is now placed at 50,100 while support is at 49,600.
Stocks in Spotlight
▪ RVNL: Stock gained 2% after the company secured an order worth Rs 495 crore from National Thermal Power Corporation (NTPC).
▪ Bajaj Finance: Stock jumped around 4% after the board approved sale of Rs 3,000 crore shares in Bajaj Housing initial public offering (IPO).
▪ IRB Infra: Stock surged around 11% after the company reported a spike in toll collections in May.
Global News
▪ U.S. Treasury yields were higher on Friday as investors awaited the release of key labor market data that could provide fresh hints about the state of the economy and the outlook for interest rates.
▪ Asia-Pacific stocks were mixed on Friday as investors looked at economic data from China and digested Japan’s household spending numbers, with markets also assessing the European Central Bank’s rate cut.
▪ Gold prices held steady on Friday, and were on track for their first weekly gain in three as traders stepped up bets that the U.S. Federal Reserve will start cutting rates soon.
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