GIFT Nifty Indicates Muted Opening; Mazagon Dock Receives Order Worth Rs 1,486 Crore from ONGC

BANGALORE, India - Sept. 9, 2024 - PRLog -- lobal Stock Markets: Dow 30, -1%; S&P 500, -1.7%; NASDAQ, -2.6%; Nikkei, -2.1%; Kospi, -0.8%; Shanghai, -1%.

Last week, Nifty snapped its winning streak after three weeks of gains. The index started the week on a positive note as it scaled a new all-time high (25,168) on Monday. It was followed by a muted session on Tuesday. In the next three sessions, the index closed lower. Wednesday's session was considered a distribution day. However, Thursday's action missed distribution due to lower volume. Friday, the index opened on a flat note with a negative bias. As the session progressed, the index succumbed to selling pressure and closed over 1% lower. Friday's action was considered a distribution day.

Barring Nifty FMCG (+0.18%), all the sectoral indices closed lower. Nifty PSU Bank (-4.73%) emerged as the major decliner, followed by Nifty Energy (-3.53%) and Metal (-2.60%).

We upgraded the market status to a Confirmed Uptrend after Nifty crossed its previous high (23,339) and made an all-time high. Currently, the distribution day count stands at three, as two distribution days were added last week. We may downgrade the status to an Uptrend Under Pressure if the distribution day count increases and if Nifty breaches its key support level.

Key News:

Mazagon Dock Shipbuilders's bags an order worth Rs 1,486 crore from Oil and Natural Gas Corporation.

Rbm Infracon receives orders worth Rs 3,498 crore from Oil and Natural Gas Corporation. It includes Rs 3,371 crore for crude and Rs 127 crore for gas at Nandej.

Radico Khaitan (Nse) launches two new single malts under Rampur Jugalbandi series.

Nazara Technologies buys 48.2% stake in Paper Boat for Rs 300 crore.

Hexaware Technologies files for DRHP with SEBI for Rs 9,950 crore IPO.

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