POST-MARKET SUMMARY 12th September 2024

On September 12, the Sensex and the Nifty surged over 1.5% in the final hour of the trading session to reach all-time highs of 83,116 and 25,433, respectively, buoyed by strong global cues. All sectors closed in the green, with auto, metal, and energy stocks driving the majority of the gains. The optimism was fuelled by a soft U.S. inflation print, which hit a 3-year low of 2.5% in August, paving the way for the Federal Reserve to potentially begin its rate easing cycle next week.

NIFTY:  The index opened 141 points higher at 25,059 and made a high of 25,433 before closing at 25,388. Nifty has formed a strong bullish candle on the daily chart. Its immediate resistance level is now placed at 25,430 while immediate support is at 25,250.

BANK NIFTY: The index opened 261 points higher at 51,271 and closed at 51,772. Bank Nifty has formed a strong bullish candlestick on the daily chart. Its major resistance level is now placed at 52,000 while major support is at 51,450.

Stocks in Spotlight

▪  Thermax: Stock jumped 5% after the company announced it has entered into a strategic partnership with Ceres Power, a subsidiary of UK-based Ceres Power Holdings plc.

▪  Granules: Stock plunged 16% after the US Food and Drug Administration issued six observations to its Gagillapur facility in Hyderabad, following an inspection conducted from August 26 to September 6.

▪  Engineers India: Stock surged over 7%, following the announcement that the company secured new business worth Rs 4,681 crore for the current fiscal year (FY25) as of August 31, 2024.

Global News

▪  Gold prices rose on Thursday on expectations of a U.S. Federal Reserve rate cut next week, while palladium hit its highest in more than two months due to supply concerns from top producer Russia.

▪  The euro hovered near a four-week low versus the dollar on Thursday ahead of a widely anticipated interest rate cut from the European Central Bank, with traders focussed on the policy outlook to gauge the extent of further rate cuts.

▪  Oil prices rose almost 2% on Thursday, extending a rebound spurred by concern over Hurricane Francine’s impact on U.S. output, though a gloomy demand outlook capped gains.

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