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.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.