POST-MARKET SUMMARY 9th August 2024

In a strong rebound on August 9, the Indian equity indices erased the previous session's losses, gaining 1% led by broad-based buying across sectors. At close, the Sensex was up 819.69 points or 1.04% at 79,705.91, while the Nifty rose by 250.50 points or 1.04% to 24,367.50.

The market opened with a gap-up on positive global cues and extended gains throughout the day, with the Nifty crossing 24,400 and the Sensex nearing the 80,000 mark. All sectoral indices traded in the green, with auto, capital goods, IT, power, realty, PSU Bank, and media up 1-2%.

NIFTY:  The index opened 269 points higher at 24,386 and made a high of 24,416 before closing at 24,367. Nifty has formed a small bearish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 24,420 while immediate support is at 24,300.

BANK NIFTY: The index opened 456 points higher at 50,612 and closed at 50,484. Bank Nifty has formed a small bearish candlestick pattern with minor upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 50,700 while immediate support is at 50,280.

Stocks in Spotlight

▪  Steel Authority of India: Stock fell 6% after the company reported a 61% YoY fall in consolidated net profit to Rs 81.78 crore for the June quarter amid weaker domestic steel prices arising from increased competition from China.

▪  Birla Corporation: Stock fell 5% after the company posted YoY decline in its consolidated net profit and revenue for the June quarter.

▪  Cochin Shipyard: Stock rose 3% as investors cheered the company's solid results for the June quarter, which beat street estimates.

Global News 

▪  The U.S. currency was steady against the Japanese yen following a three-day rebound, as Thursday's firmer-than-expected employment data spurred a paring-back in bets for Federal Reserve interest rate cuts later this year.

▪  European markets started on a positive note on Friday, aligning with gains in Wall Street and Asia-Pacific stocks. By 1:32 p.m. London time, the pan-European Stoxx 600 had risen by 0.27%.

▪  China's consumer prices rose at a slightly faster-than-expected rate in July partly due to weather disruptions to food supplies, while producer deflation persisted, keeping the country's underlying consumption trends soft in a test for policymakers.

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