POST-MARKET SUMMARY 28th August 2024
On August 28, the Indian markets ended higher, with the Nifty surpassing its previous record high of 25,078.30, crossing the 25,100 mark for the first time, driven by gains in Information Technology and Pharma stocks, although these sectors saw profit-booking by the end of the session.
At close, the Sensex was up 73.80 points or 0.09% at 81,785.56, and the Nifty rose 34.50 points or 0.14% to 25,052.30. Among sectors, IT, Pharma, and Healthcare advanced over 1% each, while the Telecom index gained 0.5%. In contrast, the Media index declined 1.4%, and FMCG and PSU Bank indices were down 0.4% each.
Meanwhile, in the primary market, the grey market premium for the Eco Mobility IPO has soared to 58%. Get a detailed analysis of the IPO here.
NIFTY: The index opened flat at 25,030 and made a high of 25,129 before closing at 25,052. Nifty has formed a Doji candlestick pattern (though not a classical one) on the daily chart. Its immediate resistance level is now placed at 25,100 while immediate support is at 24,960.
BANK NIFTY: The index opened 70 points lower at 51,208 and closed at 51,143. Bank Nifty has formed a small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,250 while support is at 50,900.
Stocks in Spotlight
▪ Insecticides India: Stock surged 9% after the company delivered healthy all-around earnings for the April-June quarter.
▪ DCX Systems: Stock rallied 5% after it secured Rs 187 crore order from overseas customer for supply of electronic kits.
▪ NBCC India: Stock soared nearly 10% after the company announced plans to consider a bonus issue of shares.
Global News
▪ Gold prices dropped about 1% on Wednesday, hurt by a stronger U.S. dollar as investors focused on key inflation data from the world’s largest economy for clues on the size of the Federal Reserve’s potential interest rate cut in September.
▪ The dollar rebounded on Wednesday after a recent run of declines that pushed it to its weakest in more than a year, as traders awaited economic data that could set the tone for the U.S. Federal Reserve’s September policy meeting.
▪ Australia’s CPI rose 3.5% year on year, slightly above the 3.4% rise expected by economists polled by Reuters and compared to 3.8% in June.
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