POST-MARKET SUMMARY 26th August 2024

On August 26, Indian indices ended on a strong note, with the Nifty reclaiming the 25,000 mark and inching closer to its record high, following hints from Fed Chair Powell at the Jackson Hole Symposium about potential interest rate cuts soon.

At close, the Sensex was up 611.90 points or 0.75% at 81,698.11 while the Nifty gained 187.45 points or 0.76% to settle at 25,010.60. Except for the PSU Bank index, which dipped 0.5%, all other sectoral indices closed in the green, with Information Technology, Metal, Oil & Gas, and Realty sectors rising by 1-2%.

Meanwhile, the Government of India officially approved the Unified Pension Scheme (UPS) for central government employees. Read more: India’s New Unified Pension Scheme (UPS) | Key Features and Benefits

NIFTY:  The index opened 83 points higher at 24,906 and made a high of 25,043 before closing at 25,010. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,080 while immediate support is at 24,870.

BANK NIFTY: The index opened 167 points higher at 51,100 and closed at 51,148. Bank Nifty has formed a small bullish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 51,350 while support is at 50,950.

Stocks in Spotlight

▪  KEC International: Stock soared 9% after the company bagged new orders worth Rs 1,079 crore in its transmission & distribution (T&D) and cables businesses.

▪  Max Estates: Stock jumped over 6% after the company received approval from the Noida authorities to develop a project in Delhi.

▪  Shilpa Medicare: Stock rose 8% intraday after the company announced successful Phase 3 clinical trials for its NorUDCA drug, aimed at treating Nonalcoholic Fatty Liver Disease patients.

Global News

▪  European stocks were trading in mixed territory on Monday, as traders digested rising tensions in the Middle East following strikes by both Israel and Hezbollah over the weekend.

▪  Gold held near record highs on Monday, buoyed by a softer dollar and dovish remarks from U.S. Federal Reserve Chair Jerome Powell bolstering expectations of a September interest rate cut.

▪  The dollar dropped to a three-week low against the yen on Monday and hovered near multi-month lows against the euro and sterling, as investors considered the likelihood of the Federal Reserve initiating a series of interest rate cuts soon.

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