POST-MARKET SUMMARY 17th September 2024

On September 17, the markets extended their gains for the second consecutive day, closing at record highs driven by telecom, auto, and construction stocks. The rally comes ahead of the US Federal Reserve's monetary policy decision, where market participants anticipate a 25 bps interest rate cut. Read more: US FOMC Meet Begins Today: What To Expect?

Sector-wise, realty and auto saw gains, while metals and pharma ended in the red.

NIFTY:  The index opened 33 points higher at 25,416 and made a high of 25,441 before closing at 25,418. Nifty has formed a Doji candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,500 while immediate support is at 25,350. 

BANK NIFTY: The index opened 96 points higher at 52,249 and closed at 52,188. Bank Nifty has formed a bearish 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

▪  DCX Systems: Stock hit an upper circuit of 5% after the company informed the exchanges that its wholly-owned subsidiary was granted an industrial license.

▪  Geojit Financial: Stock slumped over 8% even as the company's Rights Issue Committee is scheduled to meet on September 19, 2024, to finalize key details regarding its upcoming rights issue.

▪  Reliance Infrastructure: Stock jumped over 9% after the company announced the schedule of a board meeting to discuss raising long-term funds.

Global News

▪  The pan-European Stoxx 600 index was 0.72% higher by 12:40 p.m. London time, with all major bourses and virtually all sectors in the green. Banks were up 1.37% while autos were 1.28% higher.

▪  Gold eased slightly on Tuesday after climbing to an all-time high in the previous session as dollar and treasury yields edged higher, while traders positioned themselves for a potential U.S. interest rate cut decision by the Federal Reserve this week.

▪  Oil prices edged lower on Tuesday, as fears of weaker demand in China weighed on market sentiment.

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