POST-MARKET SUMMARY 9th July 2024

On July 9, the Indian markets closed at fresh record highs amid buying in blue-chip stocks, firm global market trends, and foreign fund inflows. At closing, Sensex ended at an all-time high of 80,351 points, up 0.49%, while Nifty closed at a lifetime high of 24,433.20, up 0.46%.

Among sectors, Nifty Auto led sectoral gains, rising 2.2%, followed by Nifty Consumer Durables and Nifty Pharma, up 1.7% and 1.6%, respectively. Nifty PSU Bank and Nifty Realty each gained 1.1%, while Nifty FMCG rose 1%.

NIFTY:  The index opened 31 points higher at 24,351 and made a high of 24,443 before closing at 24,433. Nifty has formed a bullish candle on the daily chart. Its immediate resistance level is now placed at 24,450 while immediate support is at 24,350.

BANK NIFTY: The index opened 35 points lower at 52,390 and closed at 52,568. Bank Nifty has formed a small bullish candle on the daily chart. Its immediate resistance level is now placed at 52,800 while support is at 52,250.

Stocks in Spotlight

▪  Maruti Suzuki India: Stock surged nearly 5%, emerging as the top Nifty gainer following Uttar Pradesh (UP) government's announcement of a complete waiver of registration tax on strong hybrid electric cars (HEVs) and plug-in hybrid electric vehicles (PHEVs) with immediate effect.

▪  PC Jeweller: Stock skyrocketed 10% after a block deal took place on the counter. A total of 1.9 million shares of PC Jeweller changed hands in bunched trade, showed Bloomberg data.

▪  Kalpataru Projects International: Stock rallied 3% after the board approved proposal to set up fund raise limit up to Rs 1,600 crore by way of issuance of secured or unsecured redeemable non-convertible debentures.

Global News

▪  European stocks were lower Tuesday, as investors in the region weigh up political uncertainty in France after Sunday’s election result.

▪  Asia-Pacific markets rose on Tuesday, after the S&P 500 and the Nasdaq Composite closed at record highs overnight, with Japan’s Nikkei and Topix hitting fresh highs.

▪  Treasury yields remained higher on Tuesday as investors digested comments from Federal Reserve Chair Jerome Powell.

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