It was sea of red as Dalal Street had nothing to offer but blood, toil, tears and sweat.

Review & Preview @4PM —— Friday, September 6th 2024

NIFTY (-293, 24852)
Sensex (-1017, 81184)
Bank Nifty (-896, 50577)

Dalal Street witnesses a dismal Friday’s trading session where stocks just tumbled and investors scrambled for safety.

Simply put, it was sea of red amongst sectoral indices as Dalal Street had nothing to offer but blood, toil, tears and sweat.

# Buzzing stocks:

1) Vodafone Idea drops 11%, Indus Towers falls 4..4% after Goldman Sachs flags concerns.

Goldman Sachs has released a mixed outlook on India’s telecom sector, expressing optimism for Bharti Airtel while raising concerns about Vodafone Idea and Indus Towers.

2) Godfrey Phillips jumps 11% on reports that the firm is to consider bonus issue on September 20 in the ratio of 2:1.

3) SBI Cards and Payment Services (SBI Cards) gain 4% at 799 and hits an 11-month high on positive outlook, Goldman Sachs upgrades stock, raises target price to 913.

4) Reliance Industries slips 1.84% despite approving bonus share issue in 1:1 ratio, the first bonus issue since 2017, when its stock price was roughly Rs 700.

This will also be Reliance’s sixth bonus issue since listing.

# Sentimental Overview:

Investors witnesses growing sense of unease.

It’s unbelievable, the catalysts at stock markets changes so quickly that investors do not even know how it happened so suddenly!

Yes, the trading theme has changed quickly from the optimism about cooling US inflation towards fears over a slowdown in the US economy…

All eyes turn towards US jobs report which will be wired on Friday, September 6 at 6 PM IST.

 

 

# Technical Overview:

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.

Nifty’s three-days of consecutive lower close indicates the sentiments have turned skittish.

The Good News: The intraday volatility however did not indicate that the sky is about to fall.

The line in the sand is at Nifty’s psychological support at 24643 mark.

# Underperforming Nifty Sectors:
NIFTY PSU BANKS (-3.47%)
NIFTY OIL & GAS (-2.16%)
NIFTY PSE (-2.02%)
Nifty INFRA (-1.45%)
NIFTY PVT BANK(-1.43%)

(Source NSSEINDIA.com)

# Bulls of the day:
BAJFINANCE (+0.97%)
ASIANPAINTS (+0.87%)
JSWSTEEL (+0.60%)
LTIM (+0.36%)
NESTELIND (+0.20%)

# Bears of the day:
SBIN (-4.26%)
BPCL (-2.34%)
ICICIBANK (-2.14%)
NTPC (-2.05%)
HCLTECH (-2.04%)
(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.