*Review & Preview @4PM —— Tuesday, September 10th 2024*
NIFTY (+105, 25041)
Sensex (+362, 81921)
Bank Nifty (+155, 51272)
Smooth sailing at Dalal Street as Nifty shoots higher out of the gate and rallies into the close after bargain hunters swoop-in.
Nifty back above psychological 25000 mark. Nifty Mid-cap and Small-cap indices gain 1.2% each.
# Buzzing stocks:
1) Suzlon Energy climbs 5% after the firm secured a 1,166 MW project in Gujarat with NTPC Green Energy Limited. This deal involves installing 370 wind turbines and is a key part of NTPC’s goal to add 60 GW of renewable energy capacity by 2032. Suzlon’s order book now stands at nearly 5 GW.
2) Tata Power was in limelight, up 6.9% on reports that TP Solar Ltd, a subsidiary of Tata Power Renewable Energy Ltd (TPREL) on Monday (September 9) said it has commenced commercial production at its 2GW solar cell line in the state-of-the-art manufacturing facility in Tirunelveli, Tamil Nadu.
The development is expected to boost domestic manufacturing of cells and modules needed to convert sunlight into electricity.
# Sentimental Overview:
# If there’s a big lesson from today’s ructions at Dalal Street then worries about growth and economic slowdown in the US are overblown, the economy is unlikely to fall off the cliff.
# The Positive catalyst: There is a bright chance that the Federal Reserve succeeds in bringing inflation to heel without crashing the economy.
# Now, before the September 18th Fed meet, bullish traders will have to brace with two inflation reports.
# So, on the economic front, the consumer price index for August due Wednesday and producer price data out on Thursday.
# Focus will be on the presidential debate between Democratic nominee Kamala Harris and Republican candidate and former President Donald Trump on Tuesday.
# Technical Overview:
The Good News:
1) The benchmark Nifty’s rebound still has fuel.
2) Nifty sticking to rebound gains clearly suggests ‘lack of bearish conviction’.
That said, confirmation of strength only above Nifty all-time-high at 25333.65 mark.
# Outperforming Nifty Sectors:
NIFTY MEDIA (+2.69%)
NIFTY IT (+1.73%)
NIFTY PHARMA (+1.08%)
# Underperforming Nifty Sectors:
NIFTY OIL & GAS (-1.18%)
NIFTY PSU BANKS (-0.05%)
(Source NSSEINDIA.com)
# Bulls of the day:
DIVISLABS (+5.23%)
LTIM (+3.02%)
NTPC (+2.39%)
BHARTIARTL (+2.23%)
WIPRO (+2.02%)
# Bears of the day:
HDFCLIFE (-4.40%)
SBILIFE (-2.46%)
SHRIRAMFIN (-1.80%)
BAJAJFINSV (-1.75%)
BAJFINANCE (-1.41%)
(Source NSSEINDIA.com)
*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.