Fed’s Momentous Jumbo Rate Cut Move Takes Nifty Closer to its Psychological 26,000 Goal-post.

*Review & Preview @4PM —— Monday, September 23rd 2024*

NIFTY (+148, 25939)
Sensex (+384, 84929)
Bank Nifty (+313, 54106)

Fed’s Momentous Jumbo Rate Cut Move Takes Nifty Closer to its Psychological 26,000 Goal-post.

Nifty’s Record All-Time-High Now @ 25956. Bank Nifty’s New All-Time-High @54198.

The Good News: Nifty Mid-cap and Small-Cap indices outperformer benchmark Nifty.

 

# Buzzing stocks:

1) M&M Financial gains 3.28% on reports that its board has approved fundraising of up to Rs 1,250 crore via NCDs on a private placement basis.

2) ICICI Prudential Life Insurance Company shares rise 2.86%, scaling an all-time high of Rs 793 as CRISIL reaffirms ‘AAA’ rating on NCDs

3) NBCC inched up 1.63% at Rs 177 after the company’s subsidiary HSCC bagged a work order worth Rs 1,261 crore.

4) HUL hits new record high at Rs 3035; market cap well above Rs 7 trillion on a healthy demand outlook.

# Sentimental Overview:

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

The street seen convinced that the Fed’s 50 basis point jumbo rate cut is likely to trigger expectations of global interest rate cuts…

Investors also 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%.

# Technical Overview:

Nifty’s ongoing bull market seems in full stampede mode and the short-term technical outlook continues to remain 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 25500 mark.

 

# Outperforming Nifty Sectors:
Nifty PSU BANKS (+3.31%)
Nifty REALITY (+1.91%)
Nifty OIL & GAS (+1.88%)
BANK NIFTY (+0.5%)

(Source NSSEINDIA.com)

# Bulls of the day:
BAJAJ AUTO (+3.66%)
M&M (+3.26%)
ONGC (+3.06%)
HEROMOTOCORP (+2.94%)
SBILIFE (+2.65%

# Bears of the day:
EICHERMOT (-1.64%)
ICICIBANK (-1.23%)
DIVISLABS (-1.19%)
WIPRO (-1.13%)
INDUSINDBNK(-1.01%)

(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.