Nifty’s plunges; ends below 25000 mark ahead of US August CPI data.

*Review & Preview @4PM —— Wednesday, September 11th 2024*

NIFTY (-123, 24918)
Sensex (-398, 81523)
Bank Nifty (-262, 51010)

Nifty’s plunges; ends below 25000 mark ahead of US August CPI data.

Well, if the inflation reading is soft, then expect Fed to go ahead with its rate-cutting plans.

That said, China concerns are adding fuel to market fears of a U.S. recession

# Buzzing stocks:

1) The plunge in WTI Oil futures near the $66 per barrel (its lowest level since May 2023), were seen benefiting stock price of paint companies like Asian Paints (+2.21%), and Berger Paints (+2.7%) as lower oil prices translate to higher operating margin for paint-makers.

2) Airline stocks like INDIGO (+1.11%) too was nicely bid on backdrop of fall in oil prices.

3) Alternatively, on concerns over a weak oil demand outlook, ONGC (-3.04%) & Oil India (-0.434%) received fresh drubbing.

4) Persistent Systems stock price was in limelight, gaining 0.79% and most importantly, hit an all-time high of Rs 5,370.95 per share after the company signed an asset purchase agreement with SoHo Dragon to acquire some of its assets.

(Source: Business Standard)

# Sentimental Overview:

All eyes will be on the August US CPI data which could deliver cooler Inflation.

We still suspect, the Federal Reserve is likely to lower interest rates on Sept 18th, but today’s US CPI numbers could help determine the size of the cut.

# Technical Overview:

Nifty slumped in an up-and-down scary session.

Technically, bulls’ confidence will be knocked on any move below Nifty 24753 mark. Below 24753, downside risk seen at 24441 mark.

Confirmation of strength only above Nifty all-time-high at 25333.65 mark.

# Outperforming Nifty Sectors:
NIFTY FMCG (+0.29%)
NIFTY PHARMA (+0.08%)

# Underperforming Nifty Sectors:
NIFTY OIL & GAS (-1.72%)
NIFTY PSU BANKS (-1.59%)
NIFTY PSE (-1.50%)

(Source NSSEINDIA.com)

# Bulls of the day:
BAJAJ AUTO (+4.03%)
ASIANPAINTS (+2.23%)
BAJFINANCE (+1.65%)
SHRIRAMFIN (+0.86%)
BRITANNIA (+0.80%)

# Bears of the day:
TATAMOTORS (-5.73%)
ONGC (-2.94%)
WIPRO (-1.85%)
L&T (-1.56%)
ADANIENT (-1.55%)
(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.