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.
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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