POST-MARKET SUMMARY 6th September 2024

On September 6, Indian markets closed lower for the third consecutive session, with Nifty nearing 24,800 and Sensex falling below the 81,000 mark ahead of the release of US jobs data later today. All sectoral indices ended in the red, with auto, PSU Bank, oil & gas, media, telecom, IT, realty, and capital goods sectors down by 1-3%.

NIFTY:  The index opened 52 points lower at 25,093 and made a high of 25,168 before closing at 24,852. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,960 while immediate support is at 24,800.

BANK NIFTY: The index opened 273 points lower at 51,200 and closed at 50,576. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 50,800 while support is at 50,400.

Stocks in Spotlight

▪  Udayshivakumar Infra: Stock hit 5% upper circuit for the second straight session, after the firm's JV bagged three order wins, totalling Rs 1,057.3 crore.

▪  KEC International: Stock gained over 3% to hit a 52-week high, after the company secured new orders worth Rs 1,423 crore for design, supply, and installation of 380 kV transmission lines in Saudi Arabia.

▪  Pidilite Industries: Stock gained in early trading, following the announcement of a new distribution agreement with CollTech Group.

Global News

▪  Gold prices ticked up on Friday, on track for a small weekly rise, as investors assessed a weaker-than-expected August jobs report.

▪  The dollar slid to a one-month low versus the yen and its weakest in a week against the euro on Friday, stirred by a mixed bag of U.S. job market indicators.

▪  Asia-Pacific markets mostly fell on Friday as investors awaited a crucial jobs report from the U.S. and assessed household spending data from Japan.

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