POST-MARKET SUMMARY 20th September 2024

On September 20, bulls strengthened their grip on Dalal Street as Indian benchmark indices extended gains for the second straight session, reaching new all-time highs amid positive global cues and broad-based buying. All sectoral indices closed in the green, with auto, bank, capital goods, healthcare, FMCG, power, telecom, metal, and realty sectors rising 1-3%.

NIFTY:  The index opened 110 points higher at 25,525 and made a high of 25,849 before closing at 25,790. Nifty has formed a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,860 while immediate support is at 25,700.

BANK NIFTY: The index opened 198 points higher at 53,235 and closed at 53,793. Bank Nifty has formed a bullish candlestick on the daily chart. Its major resistance level is now placed at 54,100 while major support is at 53,600.

Stocks in Spotlight

▪  RITES: Stock jumped by up to 12% as buying interest surged on the ex-bonus and ex-dividend trading day.

▪  DCX Systems: Stock rose over 5% to Rs 60.4 by afternoon, after the company announced that it has secured a Rs 240-crore NHPC contract for Teesta-V Power Station.

▪  ITD Cementation: Stock hit a 20% upper circuit at Rs 565.85 on the NSE amid news that the Adani Group is considering acquiring the promoter's stake in the company. Read more: Adani Group Eyes ITD Cementation

Global News

▪  The pan-European Stoxx 600 index was down 1.1% by 2:40 p.m., as most sectors and major bourses traded in the red. Tech stocks lost 2.16% while mining stocks also were also down 1.97%.

▪  Spot gold prices hit a record high on Friday as a weak dollar, expectations of more U.S. interest rate cuts and tensions in the Middle East more than offset muted physical demand in Asia.

▪  Oil prices eased on Friday, but were on track to register gains for a second straight week following a large cut in U.S. interest rates and declining global stockpiles.

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