POST-MARKET SUMMARY 4th September 2024

On September 4, Indian benchmark indices ended on a negative note, with Nifty breaking its 14-day winning streak and closing below 25,200 amid broad-based selling across sectors. The downturn aligned with a broader sell-off in Asian and U.S. markets, spurred by renewed fears of a recession following discouraging economic data. For more details, click here.

On the sectoral front, FMCG, realty, and pharma gained 0.5% each, while auto, bank, energy, IT, and metal sectors were down by 0.4-1%.

NIFTY:  The index opened 190 points lower at 25,089 and made a high of 25,216 before closing at 25,198. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,260 while immediate support is at 25,100. 

BANK NIFTY: The index opened 325 points lower at 51,364 and closed at 51,400. Bank Nifty has formed a Doji-like candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,560 while support is at 51,240.

Stocks in Spotlight

▪  Rama Steel Tubes: Stock soared 12% after the firm announced a strategic collaboration with Onix Renewable.

▪  General Insurance Corporation of India: Stock slumped 6% as the Centre looks to sell nearly 7% stake in the company through the offer for sale (OFS) route.

▪  Exicom Tele Systems: Stock fell 5%, a day after Rakesh Jhunjhunwala's RARE Enterprise trimmed its stake in the company.

Global News 

▪  The pan-European Stoxx 600 index traded down 1% at 3:20 p.m. London time, with most sectors and major bourses in negative territory. Technology stocks dropped 3% to lead losses, while household goods fell 2%.

▪  Gold prices extended declines to a two-week low on Wednesday as a sharp sell-off in equities forced a rush to cover margin calls, adding pressure on bullion ahead of keenly awaited non-farm payrolls data due later this week.

▪  The Japanese yen and the Swiss franc firmed against the dollar on Wednesday as investors scurried to safer assets after a sharp selloff on Wall Street in the prior session sparked by concerns about the U.S. economy and tech sector valuations.

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