POST-MARKET SUMMARY 8th July 2024

On July 8, Indian markets closed flat, stepping back from last week's record highs, as focus shifted to the upcoming June quarter earnings reports. The IT sector is set to kick off its Q1FY25 earnings season starting from July 11, beginning with Tata Consultancy Services, the country’s largest software exporter.

Among sectors, Nifty FMCG emerged as the top gainer, rising 1.6%, followed by Nifty Oil & Gas, which gained 0.8%. On the downside, Nifty PSU Bank was the biggest loser, falling 1.6%, followed by Nifty Consumer Durables and Nifty Metal, which dropped 1.3% and 1%, respectively. Nifty Auto, Realty, and Nifty Bank each declined by 0.5%.

NIFTY:  The index opened flat at 24,329 and made a high of 24,344 before closing at 24,320. Nifty has formed a Dragonfly Doji on the daily chart. Its immediate resistance level is now placed at 24,400 while immediate support is at 24,270.

BANK NIFTY: The index opened 127 points lower at 52,533 and closed at 52,425. Bank Nifty has formed an indecisive candlestick pattern on the daily chart. Its immediate resistance level is now placed at 52,730 while support is at 52,240.

Stocks in Spotlight

▪  Bank of Baroda: Stock fell 4% dragged by the lender's weakest deposit and advances growth in 12 quarters.

▪  Marico: Stock surged over 6% after the company posted healthy business updates for the April-June quarter, with demand trends continuing the growth path.

▪  Shalby: Stock fell nearly 6% after the company's consolidated net profit for Q1 FY25 fell over 20% on-year to Rs 16.6 crore.

Global News

▪  Gold prices slipped on Monday, as investors booked profits after bullion hit a more than one-month high in the previous session on rising bets of U.S. interest rate cuts in September.

▪  Oil prices slid on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased tensions in the Middle East, while investors assessed potential disruption to U.S. energy supplies from Hurricane Beryl.

▪  The dollar remained soft on Monday while the euro steadied, recovering overnight losses that stemmed from projections from France’s election pointed to a hung parliament.

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