POST-MARKET SUMMARY 24th September 2024

On September 24, Indian equity indices failed to sustain record highs and ended flat, breaking their three-day winning streak after Sensex and Nifty crossed 85,000 and 26,000, respectively, during intraday trade.

On the sectoral front, the metal index emerged as the top performer, advancing 3%. Also read: Why Are Metal Stocks Buzzing In Trade Today – Explained. The oil & gas index rose 0.6%, and the power index added 1.4%. Conversely, PSU Bank, FMCG, and telecom sectors declined by 0.5-1%.

NIFTY:  The index opened flat at 25,921 and made a high of 26,011 before closing at 25,940. Nifty has formed a small-bodied bullish candlestick pattern with a long upper shadow, resembling a Doji or Shooting Star pattern on the daily chart. Its immediate resistance level is now placed at 26,000 while immediate support is at 25,850.

BANK NIFTY: The index opened flat at 54,110 and closed at 53,968. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 54,250 while major support is at 53,650.

Stocks in Spotlight

▪  Reliance Power: Stock surged 5% to hit the upper circuit after the Anil Ambani-led company announced a preferential issue of 46.2 crore equity shares worth Rs 1,524.60 crore at Rs 33 per share, a 14% discount to the previous closing price.

▪  Firstsource Solutions: Stock rose more than 6% after the firm announced that it acquired UK-based Ascensos, a customer experience outsourcing partner for retail and eCommerce businesses, for £42 million.

▪  IEX: Stock tumbled 11.5%, retreating from its 52-week high after a news report suggested that the Centre is planning on implementing market coupling for power exchanges.

Global News 

▪  European stocks were higher on Tuesday, buoyed by China’s central bank monetary stimulus measures, and brushing off concerns over Europe’s growth outlook.

▪  Gold prices surged to a record high on Tuesday as a cocktail of factors, from hopes of further U.S. rate cuts and China stimulus measures to elevated Middle East tensions, lifted demand.

▪  Oil prices rose on Tuesday on concerns that the Middle East conflict could hit regional supply while another hurricane threatened supply in the United States, the world’s biggest crude producer.

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