POST-MARKET SUMMARY 11th September 2024

On September 11, Indian markets fell nearly 0.5%, mirroring global declines ahead of a key U.S. inflation report and concerns over the Federal Reserve's delayed easing of monetary policy. Traders also assessed the impact of the U.S. presidential debate.

Among sectors, the Nifty Oil & Gas Index was the biggest loser, down 2%. Explore the causes behind this decline here. This was followed by Nifty PSU Bank and Nifty Metal, which fell 1.8% and 1.5%, respectively. Nifty Auto and Realty also declined by 1.2% each. On the upside, Nifty FMCG was the top gainer, rising 0.3%.

NIFTY:  The index opened flat at 25,034 and made a high of 25,113 before closing at 24,918. Nifty has formed a small bearish candle on the daily chart. Its immediate resistance level is now placed at 25,000 while immediate support is at 24,870.

BANK NIFTY: The index opened 54 points lower at 51,218 and closed at 51,010. Bank Nifty has formed a bearish candlestick pattern with an upper shadow on the daily chart. Its major resistance level is now placed at 51,400 while support is at 50,800.

Stocks in Spotlight

▪  Infibeam Avenues: Stock plunged as much as 8% as the stock traded ex-date for spin-off of its digital marketing arm - Odigma Consultancy Solutions.

▪  SAMIL: Stock fell almost 3% following a downward revision of BMW Group’s 2024 guidance.

▪  Goa Carbon: Stock gained over 3% after the company informed the exchanges that it has officially resumed operations in its Goa unit following a temporary shutdown for maintenance work.

Global News 

▪  Gold prices inched higher on Wednesday as the dollar eased, with traders’ attention turning to key U.S. inflation data that may influence the Federal Reserve’s next policy decision.

▪  The pan-European Stoxx 600 was up 0.6% by 2:30 p.m. London time, with the majority of sectors and major bourses ticking higher. Tech stocks were up 2.01%, while utilities fell 0.09%.

▪  Oil climbed more than 1% on Wednesday, paring some of the previous day’s losses, as a drop in U.S. crude inventories and concern about Hurricane Francine disrupting U.S. output countered concerns about weak global demand.

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