POST-MARKET SUMMARY 5th September 2024

On September 5, the Sensex and Nifty closed in the red during the weekly expiry of Nifty derivative contracts. Investors remained cautious ahead of key US economic data releases, which are expected to provide insights into the potential scale of the Federal Reserve's anticipated rate cut in its September meeting. Automobile and oil & gas stocks weighed down the Nifty 50, while Nifty IT and Nifty Media were the top sectoral gainers, rising 0.8% and 0.5%, respectively.

NIFTY:  The index opened 52 points higher at 25,250 and made a high of 25,275 before closing at 25,145. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,200 while immediate support is at 25,090.

BANK NIFTY: The index opened 144 points higher at 51,544 and closed at 51,473. Bank Nifty has formed a spinning top candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,600 while support is at 51,200.

Stocks in Spotlight

▪  AU Small Finance Bank: Stock ended 2% higher a day after AU Small Finance Bank submitted its application to the RBI to transition from a small finance bank to a universal bank.

▪  Linde India: Stock surged over 3% after the company entered into an agreement with Tata Steel to acquire industrial gas supply assets at their Kalinganagar Phase 2 expansion project.

▪  Sona BLW: Stock surged over 4% after the company revealed plans to launch a Rs 2,400 crore Qualified Institutional Placement (QIP).

Global News

▪  Gold rose on Thursday fuelled by expectations of a deeper U.S. Federal Reserve rate-cutting cycle, which is widely expected to start this month.

▪  The dollar touched one-month lows against the yen and was under pressure against other major currencies on Thursday as growing concern over the U.S. economic outlook underpinned expectations of a supersized rate cut from the Federal Reserve next week.

▪  Asia-Pacific markets closed mixed on Thursday after a sell-off in the previous session, with Japan’s Nikkei leading losses in the region.

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