POST-MARKET SUMMARY 13th September 2024

On September 13, after making a fresh high in the previous session, the Nifty 50 index entered a consolidation phase, closing with minor losses around 25,350 amid mixed sectoral performance. The FMCG and Energy indices declined by 0.6%, while IT, Media, Metal, Realty, and PSU Bank saw gains ranging from 0.5% to 1.7%.

NIFTY:  The index opened 42 points higher at 25,430 (which was also the day’s high) before closing at 25,356. Nifty has formed a bearish candle on the daily chart. Its immediate resistance level is now placed at 25,430 while immediate support is at 25,300.

BANK NIFTY: The index opened 180 points higher at 51,952 and closed at 51,938. Bank Nifty has formed a dragonfly doji candle on the daily chart. Its major resistance level is now placed at 52,200 while major support is at 51,650.

Stocks in Spotlight

▪  Transformers & Rectifiers (India): Stock gained around 3% after bagging an order worth Rs 114 crore.

▪  Godfrey Phillips: Stock surged as much as 11% in the run-up to the company's board meeting to discuss the proposal for a bonus issue.

▪  HG Infra Engineering: Stock jumped over 4% a day after the company bagged a Central Railway project in Maharashtra, worth Rs 716 crore.

Global News

▪  Gold prices extended gains to hit a record high on Friday on expectations of interest rate cuts by the Federal Reserve, while palladium was set to log its best week in nine months.

▪  The pan-European Stoxx 600 provisionally closed 0.78% higher. All major regional bourses ended the day in the green, with Germany’s DAX closing 0.97% higher.

▪  The U.S. dollar fell on Friday to its lowest level since late December against the Japanese yen after media reports fueled once again the debate about a super-sized interest rate cut of 50 basis points (bps) at next week’s policy meeting.

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