Bulls Party at D-Street as Investors Celebrate Fed’s Jumbo Rate Cut.

Review & Preview @4PM —— Friday, September 20th 2024

NIFTY (+375, 25791)
Sensex (+1360, 84544)
Bank Nifty (+755, 53793)

Bulls Party at D-Street as Investors Celebrate Fed’s Jumbo Rate Cut.

Investors delighted after S&P Global says India to be the 3rd -largest economy by 2030-31, with an expected annual growth rate of 6.7%.

# Buzzing stocks:

1) JSW Steel, scaled a fresh 52-week high after upgrades from Macquarie and Goldman Sachs citing signs of recovery in the Chinese economy.

2) ITD Cementation jumps 20% to Rs 565 on report that Adani Group is eyeing promoter stake in the company.

3) Patel Engineering shares rise 2.56% at Rs 59 after NHPC contract in Sikkim. The project, which is expected to be completed within 18 months, adds to PEL’s robust portfolio in the North Eastern region.

4) HUL hits new record high at Rs 2989; market cap touches Rs 7 trillion on a healthy demand outlook

# Sentimental Overview:

The street is excited that the Federal Reserve Chairman Jerome Powell is quite confident and bullish about the US economic outlook

The policymakers expect GDP growth to remain at the 2% level for the upcoming years and most importantly, the upside risks to inflation have diminished…

Additionally, projections by FOMC members pointed to a median of 100bps in total rate cuts for the year, translating to 25bps in each of the central bank’s meetings this year.

# Technical Overview:

Nifty’s ongoing bull market seems in full stampede mod and bullish price action and the short-term technical outlook remains in favor of bulls.

Nifty’s immediate goalpost continues to be at psychological 26000 milestone.

The line in the sand is at Nifty’s psychological support at 25426 mark.

# Outperforming Nifty Sectors:
Nifty REALITY (+3.7%)
Nifty AUTO (+1.87%)
BANK NIFTY (+1.83%)
NIFTY METAL (+1.63%)
NIFTY INFRA (+1.45%)

(Source NSSEINDIA.com)

# Bulls of the day:
M&M (+5.32%)
ICICIBANK (+4.47%)
JSWSTEEL (+3.69%)
L&T (+2.97%)
COALINDIA (+2.84%)

# Bears of the day:
GRASIM (-2.33%)
SBIN (-0.69%)
NTPC (-0.22%)
INDUSINDBNK (-0.19%)
HEROMOTOCORP (-0.10%
(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.