POST-MARKET SUMMARY 23rd September 2024

On September 23, the market extended gains for the third consecutive session, reaching fresh record highs as Nifty crossed 25,950, driven by sector-wide buying, except for Information Technology (IT) stocks. Among the sectors, the PSU Bank index surged more than 3%, the Realty index rose over 2%, while auto, energy, FMCG, metal, pharma, and media gained 0.5-1%. However, the IT index declined by 0.5%.

In the primary market, the Manba Finance IPO witnessed strong investor demand on its opening day. Explore the full details of the IPO here.

NIFTY:  The index opened 82 points higher at 25,872 and made a high of 25,956 before closing at 25,939. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 26,000 while immediate support is at 25,845.

BANK NIFTY: The index opened 124 points higher at 53,917 and closed at 54,105. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 54,300 while major support is at 53,740.

Stocks in Spotlight

▪  Adani Total Gas: Stock surged over 5% after the company successfully secured a financing package of $375 million from global lenders.

▪  Glenmark Pharma: Stock soared 5% after the company's manufacturing facility in Aurangabad cleared the US Food & Drug Administration's (USFDA) routine inspection with zero observations.

▪  Vodafone Idea: Stock rose 4% after the telecom operator inked a mega $3.6 billion (roughly Rs 30,000 crore) deal with Nokia, Ericsson, and Samsung for supply of network equipment over three years.

Global News

▪  Gold rose on Monday and lingered near record-high levels, as bullish market sentiment after the U.S. Federal Reserve cut interest rates last week combined with geopolitical tensions drove prices despite a stronger dollar.

▪  European stocks were higher on Monday as investors assessed banking deals and German and French business activity data.

▪  Oil prices were little changed on Monday after last week’s cut in U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China.

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