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. 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.

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