GIFT Nifty Indicates Higher Opening

BANGALORE, India - July 5, 2024 - PRLog -- Yesterday, Nifty had a gap opening of around 80 points. However, the index came under selling pressure from the onset and shredded more than 150 points from the day's highs. During the latter half of the day, it tried to recover but could not reclaim the day's highs and ended the day in the red. Sectoral performance was mixed. Nifty PSU Bank was the top loser, declining 1.8%. On the flip side, Nifty IT and Realty closed 1.2% and 0.8% higher, respectively.

On June 11, Nifty crossed its previous high (23,339) and made an all-time high. Hence, we upgraded the market status to a Confirmed Uptrend. Midcap and Smallcap indices are also trading near their new highs. Overall, the market breadth has improved. Leading stocks across many sectors are making good progress. The current distribution day count stands at one. We may downgrade the status to an Uptrend Under Pressure if the distribution day count increases and Nifty breaches its key support level.

Key News:

Yes Bank's Q1 FY25 loans and advances grew 14.8% y/y to Rs 2.29T. Deposits increased 20.8% y/y to Rs 2.64T, as per provisional data.

Avenue Supermarts's Q1 FY25 revenue from operations increased 18.4% y/y to Rs 13,711.87 crore. The total number of stores as of June 2024 stood at 371.

Moil's Q1 FY25 sales grew 14.5% y/y. During the quarter production grew 7.8% y/y to a record 4.7 lakh tonnes.

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