POST-MARKET SUMMARY 10th September 2024

On September 10, the benchmark indices rose for the second session this week, driven by gains in the IT, telecom, power, and healthcare sectors. The Sensex climbed 362 points to 81,921, while the Nifty increased by 105 points to 25,041. Market breadth was positive, with 2,473 stocks advancing compared to 1,300 declining. All sectoral indices ended in the green, with the Media index up 2.7%, while IT, pharma, healthcare, metal, and energy sectors gained between 0.5% and 1%.

This rise followed strong performance in the US, where major indices gained over 1% after experiencing their biggest weekly drop since March 2022. However, US equity futures were lower as markets prepare for key inflation data and interest rate decisions. Concerns over a US recession and political risks, including an upcoming debate between Trump and Harris, are contributing to market caution. The European Central Bank is also expected to cut rates further this week to support the economy.

NIFTY:  The index opened 63 points higher at 24,999 and made a high of 25,130 before closing at 25,041. Nifty has formed a Doji type candle pattern on the daily chart. Its immediate resistance level is now placed at 25,100 while immediate support is at 25,000.

BANK NIFTY: The index opened 211 points lower at 51,328 and closed at 51,272. Bank Nifty has formed a hammer like candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,500 while support is at 51,100.

Stocks in Spotlight

▪  ITI: Stock rose over 6% after the PSU firm bagged a Rs 300 crore order from the Bihar government.

▪  HG Infra Engineering: Stock surged 8%, following the company's recent win of a major Rs 781 crore contract from the Ministry of Road Transport & Highways (MoRTH).

▪  IREDA: Stock soared over 5%, a day after the company signed a MoU with SJVN, GMR Energy, and their associated companies for the development and implementation of the 900 MW Upper Karnali hydro-electric project in Nepal.

Global News

▪  Gold prices were little changed on Tuesday as investors exercised caution ahead of a key U.S. inflation reading on Wednesday that could influence the Federal Reserve’s policy decision next week.

▪  Oil prices gave up the previous day’s gains on Tuesday as weak Chinese demand offset U.S. supply disruptions from Tropical Storm Francine and global oil oversupply risks that continue to weigh on the market.

▪  Asia-Pacific markets were mixed on Tuesday, following gains on Wall Street that saw both the S&P 500 and Nasdaq Composite rebound from their worst week of the year.

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