POST-MARKET SUMMARY 27th September 2024
On September 27, the market failed to maintain its record high and ended lower in a volatile session, with selling pressure in media, banking, and realty sectors. Top Gainer: BPCL | Top Loser: POWERGRID
On September 27, the market failed to maintain its record high and ended lower in a volatile session, with selling pressure in media, banking, and realty sectors. At close, the Sensex was down 264.27 points or 0.31% at 85,571.85, while the Nifty was down 37 points or 0.14% to 26,179.
Despite a flat start, the market hit fresh record highs in the early hours but experienced rangebound movement during the first half. Selling pressure in the second half pulled the benchmark indices into the red. Sectorally, a mixed trend emerged, with auto, metals, IT, pharma, and oil & gas gaining 0.3-2.5%, while realty, power, banks, media, FMCG, and telecom indices declined 0.3-1%.
NIFTY: The index opened 32 points higher at 26,248 and made a high of 26,277 before closing at 26,178. Nifty has formed a small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 26,230 while immediate support is at 26,100.
BANK NIFTY: The index opened 37 points lower at 54,338 and closed at 53,834. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 54,000 while major support is at 53,600.
Stocks in Spotlight
▪ SJVN: Stock soared over 5% after the company inked two memorandum of understandings with the Government of Maharashtra for development of Pumped Storage Projects (PSPs) and Floating Solar Projects (FSPs) in the state.
▪ Balrampur Chini Mills: Stock jumped over 6.5% after Food Minister Pralhad Joshi hinted at potential government actions to increase ethanol prices and the minimum selling price (MSP) of sugar. Read more: Sugar Stocks Surge: How Ethanol and MSP Price Hikes Could Sweeten Investments
▪ BASF India: Stock surged 7% after the company announced that it would explore strategic options for value creation in its coatings business.
Global News
▪ Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year.
▪ The yen slipped after Japan’s former defence minister Shigeru Ishiba won the leadership contest of the country’s ruling Liberal Democratic Party and was set to become its next prime minister.
▪ Oil prices fell for a third day on Friday, on course to end the week lower, as investors focused on expectations of higher supplies from Libya and the broader OPEC+ group of oil exporters.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.