POST-MARKET SUMMARY 8th August 2024
On August 8, the Indian equity indices erased some of the previous session's gains amid high volatility, as the RBI policy outcome met expectations with key rates remaining unchanged while the Monetary Policy Committee continued with its withdrawal of accommodation stance. At close, the Sensex was down 581.79 points or 0.73% at 78,886.22, and the Nifty was down 180.50 points or 0.74% at 24,117.
On the sectoral front, except for pharma, healthcare, and media, all other indices ended in the red, with metal, realty, oil & gas, and information technology down 1-2%
NIFTY: The index opened 49 points lower at 24,248 and made a high of 24,340 before closing at 24,117. Nifty formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,180 while immediate support is at 24,000.
BANK NIFTY: The index opened 68 points lower at 50,051 and closed at 50,156. Bank Nifty has formed a small bullish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 50,300 while immediate support is at 49,900.
Stocks in Spotlight
▪ RVNL: Stock fell nearly 5% after the company's consolidated net profit dropped by 35% to Rs 223.9 crore, compared to Rs 343 crore in the same quarter the previous year.
▪ Nazara Technologies: Stock gained over 2% after the company said it has received a letter of intent (LoI) for the acquisition of Smaaash Entertainment, which is undergoing an insolvency process.
▪ ITD Cementation India: Stock zoomed over 11% after the company reported a 92% on-year surge in its net profit at Rs 100 crore for the June quarter, beating analysts' estimates.
Global News
▪ Gold prices rose more than 1% on Thursday, supported by firm safe-haven demand and growing expectations for a sizeable interest rate cut from the U.S. Federal Reserve in September.
▪ European stocks were lower on Thursday as regional markets struggle to hold momentum in a turbulent week of trading.
▪ The yen fell against the dollar on Thursday after new U.S. labor market data showed that unemployment benefits fell more than expected last week, easing fears of an imminent recession.
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