POST-MARKET SUMMARY 9th September 2024

On September 9, Indian markets rebounded from a three-day slump. The NSE Nifty 50 Index edged up 0.34% to 24,936.40, while the BSE Sensex rose 0.46% to 81,559.54. Consumer staples and banks gained momentum as investors shifted their focus to these underperforming sectors. The Nifty FMCG index reached a record high with a 2% increase, and the Nifty Bank index climbed 1.1%.

Meanwhile, three companies launched their mainboard IPOs in the primary market, with Bajaj Housing Finance carrying the highest grey market premium (GMP) of 81%. Dive into the details here

NIFTY:  The index opened 29 points lower at 24,823 and made a high of 24,957 before closing at 24,936. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 25,000 while immediate support is at 24,870.

BANK NIFTY: The index opened 27 points lower at 50,459 and closed at 51,117. Bank Nifty has formed a long bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,370 while support is at 50,800.

Indices closing for 9th September 2024
Major Market Indices data
FII/DII Data
Nifty Gainers & Losers

Stocks in Spotlight

▪  Balu Forge: Stock surged 11%, as the company recently acquired specialised assets with an additional 14,000 TPA installed capacity, expanding its production capacity.

▪  Manoj Vaibhav Gems N Jewellers: Stock jumped over 10%, as the firm recently shared its annual report for FY24, showing that PAT, revenue and EBITDA have all increased, while the overall net debt/equity ratio is coming down.

▪  Deep Industries: Stock zoomed 20% after the company bagged an order worth Rs 1,402 crore from Oil & Natural Gas Corporation (ONGC).

Global News

▪  The pan-European Stoxx 600 index was up 0.65% by 2:30 p.m. London time, with the majority of sectors and all major bourses trading in the green. Travel and leisure stocks led gains, up 1.93%, while banks were also 1.21% higher.

▪  Oil futures rose on Monday as a potential hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of the previous week’s heavy losses.

▪  The dollar recouped some of last week’s losses on Monday as investors looked ahead to U.S. inflation data after Friday’s mixed payrolls report sparked uncertainty about the size of a Federal Reserve rate cut next week.


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