POST-MARKET SUMMARY 26th September 2024

On September 26, the bulls further tightened their grip as the benchmark indices soared to new record highs, driven by buying across sectors and positive global markets. Despite positive global cues, the market opened on a flat note but gained momentum throughout the day, reaching fresh milestones with Nifty hitting 26,250 for the first time. Sector-wise, metals and auto were up 2% each, while FMCG and PSU Bank indices rose 1% each. However, the capital goods index dipped 0.6%.

In the primary market, the grey market premium (GMP) for the IPO of Diffusion Engineers Ltd jumped to 48%.

NIFTY:  The index opened flat at 26,005 and made a high of 26,250 before closing at 26,216. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 26,300 while immediate support is at 26,170.

BANK NIFTY: The index opened 56 points lower at 54,045 and closed at 54,375. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its major resistance level is now placed at 54,500 while major support is at 54,240.

Stocks in Spotlight

▪  Gensol Engineering: Stock closed 3% higher, breaking a nine-day losing streak. The trend reversal in the stock comes after its promoter and managing director, Anmol Singh Jaggi, lapped up 12,000 shares of the company.

▪  Vedanta: Stock jumped 5% after the mining giant announced that its board will meet on October 8 to discuss a potential fourth interim dividend for FY25.

▪  Crompton Greaves: Stock slipped 5% after the electric goods player said that the demand is likely to be average in Q2, as compared to Q1.

Global News 

▪  Gold prices rebounded and looked set to scale a fresh peak on Thursday, on mounting expectations for another U.S. interest rate cut this year, while investors awaited Federal Reserve Chair Jerome Powell’s address later today for more policy cues.

▪  The pan-European Stoxx 600 was up around 1.3% at around 2:40 p.m. London time, with most sectors and major bourses in positive territory.

▪  The safe-haven dollar edged lower on Thursday on increasing risk appetite with traders looking ahead to speeches from key Federal Reserve policymakers and economic data later in the day for clues on the pace of interest rate cuts.

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