The Good News: Nifty and Sensex rocket higher.

*Review & Preview @4PM —— Thursday, September 12th 2024*

NIFTY (+470, 25389)
Sensex (+1440, 82963)
Bank Nifty (+762, 51772)

# The Good News: Nifty and Sensex rocket higher.

# The benchmarks, Nifty and Sensex hit new historic high at 25433.35 and 83116.19 respectively.

# The trading theme revolves around markets increasing bets into the narrative that a soft landing in the US is underway.

# Buzzing stocks:

1) Bharti Airtel was star outperformer, gaining 3.6% and scaling new record all-time-high on reports that it has expanded its home Wi‐Fi service across all the 22 districts of the Union Territories of Jammu and Kashmir and Leh-Ladakh. (Source: Business Standard)

2) Steel stocks were in limelight on reports from rating agency ICRA that the demand for steel was robust in the first quarter of the ongoing financial year with consumption growing at a rate of 15 per cent on a year-on-year basis amidst competitively priced imports. (Source: Business Standard)

Key outperformers from Metal space: Hindalco (+4.15%) Jindal Steel & Power (+4%) Tata Steel (+2.44%) JSW STEEL (+2.66%) NALCO (+4.7%).

3) Granules simply tumbled 16% on concerns over 6 observations issued by US FDA for the company’s Gagillapur facility in Telangana. (Source: Business Standard)

# Sentimental Overview:

# Congratulations Investors. Congratulations India.

Nifty bulls will now be looking to the release of US producer-price numbers to gauge how fast the Federal Reserve is set to bring down interest rates.

We still suspect, the Federal Reserve is likely to lower interest rates on Sept 18th.

# Technical Overview:

Nifty’s record lifetime high is inspiring FOMO attraction at Dalal Street and most importantly, the street is actually hoping for more fireworks at the FOMC meeting outcome which will conclude on September 18th.

More and more funds seen attracted to Nifty’s higher high/low technical landscape.

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

The line in the sand is at Nifty’s psychological support at 24753 mark.

# Outperforming Nifty Sectors:
NIFTY METAL (+2.87%)
NIFTY INFRA (+2.09%)
NIFTY AUTO (+1.93%)
NIFTY PSE (+1.77%)
NIFTY PSU BANKS (+1.66%)
(Source NSSEINDIA.com)

# Bulls of the day:
HINDALCO (+4.15%)
BHARTIARTL (+3.56%)
NTPC (+3.36%)
SHRIRAMFIN (+3.36%)
GRASIM (+2.94%)

# Bears of the day:
NESTLEIND (-0.11%)
(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.