POST-MARKET SUMMARY 3rd September 2024
On September 3, the benchmark indices ended with little change in a rangebound trading session. After a positive start with the Nifty above 25,300, the market traded in a negative zone for most of the session but saw a recovery in the last hour, ending nearly flat. At close, the Sensex was down 4.40 points or 0.01% at 82,555.44, while the Nifty was up 1.10 points at 25,279.80.
Among sectors, the bank and capital goods indices were up 0.5% each, while media, power, metal, realty, and oil & gas were down 0.5-1.5%.
NIFTY: The index opened 35 points higher at 25,313 and made a high of 25,321 before closing at 25,279. Nifty has formed a small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,350 while immediate support is at 25,200.
BANK NIFTY: The index opened 40 points higher at 51,479 and closed at 51,689. Bank Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 51,960 while support is at 51,500.
Stocks in Spotlight
▪ Kaynes Technology India: Stock surged almost 4% after the Central government approved a chip proposal by the firm under the semiconductor scheme.
▪ GMR Power & Urban Infra: Stock jumped 5% as Authum Investment & Infrastructure bought 74.9 lakh shares or 1.2% stake at Rs 134/share via open market transactions.
▪ Quess Corp: Stock soared nearly 7% on the back of higher manpower addition and the likelihood of completion of demerger by this fiscal.
Global News
▪ The pan-European Stoxx 600 index sunk 1% by 3:10 p.m. London time, with all major bourses and the majority of sectors in the red. Mining stocks lost 3.32% and banks were 2.09% lower, while household goods were a rare outlier, adding 0.05%.
▪ Gold prices eased to their lowest in more than a week on Tuesday, pressured by a firm dollar, while investors awaited U.S. non-farm payrolls data that could determine the size of the potential cut in the Federal Reserve’s September policy meeting.
▪ The dollar hovered close to a two-week high on Tuesday as investors geared up for a slew of economic data.
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