POST-MARKET SUMMARY 16th September 2024

On September 16, Indian markets surged to fresh all-time highs, breaking a three-day losing streak, with Nifty closing near 25,400, driven by gains in banking, metal, and energy stocks. After a positive start, the market extended its gains to reach new record highs, but later pared those gains as the session progressed. However, buying at lower levels helped close the day in positive territory.

Among sectors, except for FMCG and Telecom, all other indices ended in the green, with banking, capital goods, power, realty, media, and metal sectors rising 0.4-1%.

NIFTY:  The index opened 23 points higher at 25,406 and made a high of 25,445 before closing at 25,383. Nifty has formed a small bearish candlestick pattern with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 25,450 while immediate support is at 25,300.

BANK NIFTY: The index opened 100 points higher at 52,038 and closed at 52,153. Bank Nifty has formed a bullish candlestick pattern on the daily timeframe. Its major resistance level is now placed at 52,350 while major support is at 51,900.

Stocks in Spotlight

▪  Adani Power: Stock soared around 6% after the company, along with Adani Green Energy, received a Letter of Intent (LoI) for supply of 6,600 MW hybrid solar and thermal power from Maharashtra State DISCOM.

▪  Dixon Technologies: Stock surged almost 8% and hit a 52-week high after its subsidiary, Padget Electronics, signed a MoU with ASUS to manufacture notebooks in India.

▪  Bajaj Finserv: Stock slipped 2% after the stellar listing of Bajaj Housing Finance, which made a bumper debut on the stock exchanges with the shares getting listed at Rs 150, up over the issue price of Rs 70.

Global News

▪  Gold prices surged to a record high on Monday as a weaker dollar and the prospects of aggressive U.S. monetary policy easing boosted non-yielding bullion’s appeal.

▪  European stocks were lower on Monday as investors prepared for a week of interest rate decisions from the U.S Federal Reserve and the Bank of England.

▪  Oil prices edged higher on Monday as ongoing disruption to U.S. Gulf oil infrastructure balanced persistent demand concerns after a fresh round of Chinese data.

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