POST-MARKET SUMMARY 30th September 2024

On September 30, bears took control of Dalal Street, dragging the BSE Sensex down by over 1,300 points and pulling the Nifty below 25,800 intraday, amid rising geopolitical tensions and anticipation of Federal Reserve Chair Jerome Powell's speech later tonight.

Additionally, investor sentiment was rattled by the upcoming SEBI meeting, which is expected to address critical regulatory proposals, along with the controversy surrounding Chairperson Madhabi Puri Buch. Read more: SEBI Board Meeting: Key Updates and Regulatory Proposals to Watch

Among sectors, except for metal and media, which were up 1% each, all other sectoral indices ended in the red, with auto, banking, IT, telecom, pharma, and realty declining 1-2%.

NIFTY:  The index opened 117 points lower at 26,061 and made a high of 26,134 before closing at 25,810. Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,900 while immediate support is at 25,730.

BANK NIFTY: The index opened 278 points lower at 53,556 and closed at 52,978. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its major resistance level is now placed at 53,400 while major support is at 52,800.

Stocks in Spotlight

▪  MacroTech Developers: Stock tumbled 5% in response to an ANAROCK Research report revealing a 11% year-on-year drop in housing sales during the July-September quarter of 2024.

▪  NMDC: Stock jumped 4% supported by a spike in iron ore prices along with China's efforts to revive its battered property sector. Read more: NMDC Shares Climb Amid Surge in Global Iron Ore Prices

▪  Max Estates: Stock gained over 1% following the announcement of strong pre-sales for its Gurugram project - Estate 360.

Global News 

▪  European stocks were lower on Monday, starting the week and the final trading session of September in negative territory.

▪  Gold prices eased on Monday but hovered near the record peak hit last week, setting bullion on track for its best quarter in over eight years following a jumbo U.S. rate cut decision and expectations of another outsized reduction in November.

▪  The euro strengthened on Monday after German inflation data, while commodity currencies rose on hopes for a turnaround in China’s economy. The Japanese yen steadied as traders reacted to the new prime minister’s call for a snap election.

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