Amidst volatility, bulls hold ground as Nifty ends at high of the day.

*Review & Preview @4PM —— Monday, September 9th 2024*

NIFTY (+84, 24936)
Sensex (+376, 81560)
Bank Nifty (+541, 51118)

Amidst volatility, bulls hold ground as Nifty ends at high of the day.

Nifty FMCG index star outperformer, up 2.02%. Bank Nifty too steals the limelight amidst short covering + value buying.

# Buzzing stocks:

1) Bajaj Housing Finance IPO fully subscribed on Day 1; Retail quota booked full, NIIs overbid.

2) Ola Electric shares witness volatile movement, ends 4% higher at Rs 114 despite reports of the expiry of the anchor lock-in period has released 18.18 lakh shares for trading.

3) IndiGo was in limelight on reports that it is set to expand its international network and bolster its cargo operations over the next few years as part of a broader goal to establish itself as a major global airline by 2030. CEO Pieter Elbers. Elbers revealed plans to double the airline’s international destinations to 40 by March 2025, with a focus on untapped markets for Indian travelers. (Source: Economic Times).

# Sentimental Overview:

The Nifty FMCG index was star outperformer for the day on backdrop of positive catalyst that the above-normal monsoon will maintain the supply of food, satisfying consumer demand.

Also, amidst tumbling WTI Oil prices, we suspect, the food inflation will also remain low, and the profitability of FMCG companies will be on a steady rise.

Major Gainers: ITC (+1.95%) HUL (+2.85%) GODREJ CP (+2.85%) BRITANNIA (+1.74%)

# Technical Overview:

Despite today’s magical rebound, expect volatility to be the hallmark at Dalal Street and that’s in line with our call of the day which says volatility is the price longtime Nifty bulls have to pay for the benchmarks’ outsized rewards.

The Good News: The sky is unlikely to fall as long as Nifty is trading above its biggest support at 24753 mark.

That said, confirmation of strength only above Nifty all-time-high at 25333.65 mark.

# Outperforming Nifty Sectors:
NIFTY FMCG (+2.02%)
NIFTY PRIVATE BANKS (+1.05%)
BANK NIFTY (+1.03%)

# Underperforming Nifty Sectors:
NIFTY PSE (-1.19%)
NIFTY OIL & GAS (-1.18%)
NIFTY METAL (-0.57%)
(Source NSSEINDIA.com)

# Bulls of the day:
HUL (+2.85%)
SHRIRAMFIN (+2.30%)
ICICIBANK (+2.09%)
ITC (+1.95%)
BRITANNIA (+1.74%)

# Bears of the day:
ONGC (-2.91%)
TECHM (-2.48%)
BPCL (-1.19%)
TATASTEEL (-1.14%)
HINDALCO (-1.06%)
(Source NSSEINDIA.com)

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*Disclaimer:* This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Returns mentioned herein are in no way a guarantee or promise of future returns. Stock market investments are subject to market risks.