DECLINE STOPPED; NIFTY AND NIFTY BANK ENDED WITH GAINS

NIFTY:

The NIFTY opened at 19462.80 with a gap up of 81 points. Initially, the index moved sideways for the first two hours of trading with support around 19450 and then saw a breakout. Prices recorded its intraday low at 19436.45 and saw an upside rally of about 100 points. The index found resistance there and moved down after recording its intraday high at 19538.85.A decline came and again hold 19450 support. The NIFTY saw some recovery towards the end of trading session and finally closed at 19517 with a gain of 135.35 points or 0.70% up. All the sectoral indices have moved up today and ended with a gain except AUTO and FMCG. IT led the bulls and ended with a gain of over 1% followed by BANK, FINANCIAL, and PHARMA. The short-term trend is still down. We have been tracking support around 19300 and resistance around 19700. The index respected 19300 support and bounced up.

BANK NIFTY:

The BANK NIFTY opened at 44754.75 with a gap up of 172 points. The Index initially moved lower, filled the gap, and then found support around 44550. Prices bounced up after recording its intraday low at 44520.55 and saw a sharp intraday rally to record its intraday high at 45118.05. The index found resistance there and again moved down, erasing almost all the gains. However, another rally came towards the end of today’s trading session and the index finally closed at 44858.50 with a gain of 276 points. PSU BANK has underperformed today, saw a mild down move, and ended with a loss of 0.70%. PVT BANK outperformed , saw a sharp upside rally, and ended with a gain of 1.25%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while SBIN contributed the lowest. The short-term trend is still down now.

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• Benchmark indices ended higher on August 4 with Nifty above 19,500. At close, the Sensex was up 480.57 points or 0.74 percent at 65,721.25, and the Nifty was up 135.30 points or 0.70 percent at 19,517. About 2177 shares advanced, 1296 shares declined, and 139 shares unchanged.

• Mahindra and Mahindra (M&M) reported a 98 percent year-on-year (YoY) rise in its standalone net profit at Rs 2,774 crore on August 4 for the June-April quarter of FY24 on the back of a rich product mix and upbeat growth in the SUV segment. Net profit for Q1FY23 stood at Rs 1,404 crore. The auto manufacturer’s standalone revenue from operations increased 23 percent to Rs 24,368 crore. Its revenue in the year-ago period was Rs 19,813 crore.

• State Bank of India (SBI), India’s largest lender, on August 4 reported a 178 percent rise in net profit to Rs 16,884 crore for the April-June FY24 quarter from Rs 6,068 crore last year. According to a poll of three brokerages conducted by Moneycontrol, the public sector bank was expected to report a 147 percent jump in net profit to Rs 15,009 crore. The lender exceeded market expectations.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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