Summary of the Day's Market Performance

• On September 11, Indian markets experienced profit booking at higher levels, leading to a weak close. The Sensex slipped 398 points or 0.49%, closing at 81,523.16, while the Nifty dropped 122.65 points or 0.49% to end at 24,918.45.

• Profit booking was seen across several sectors, with Oil & Gas, PSU Banks, Metals, Auto, and Realty being the biggest laggards.

Performance of Key Sectors

• Top Gainers: Pharma and FMCG sectors were the outperformers, providing some support to the indices.

• Top Losers: Oil & Gas, PSU Banks, Metals, and Auto sectors faced sharp declines due to profit booking and weaker global commodity prices.

Market Transactions:

• 📈FII Bought: 1,755 cr.

• 📈DII Bought: 230.90 cr.

• The domestic market saw minor consolidation in line with its Asian peers, influenced by the correction in commodity prices, especially crude, which collapsed to $70.

• Cautious investor sentiment was evident due to concerns over the Chinese economic slowdown and the anticipation of key inflation data releases from the US and India.

• US CPI is expected to show an uptick, while domestic inflation is forecasted to remain stable. Additionally, the Bank of Japan's hint at a potential rate hike also added to global market uncertainty.

Key Stock Movements and News

• Top Gainers: Leading the gains were Asian Paints, Bajaj Finance, and Sun Pharma, which showed resilience amidst market weakness.

• Top Losers: On the losing end, Tata Motors, NTPC, and Adani Ports & SEZ were among the biggest decliners.

• Semiconductor Stocks Rally: Following PM Modi's Semicon India 2024 speech, RIR Power Electronics and SPEL Semiconductor hit upper circuits at 5%, while CG Power and ASM Technologies traded 2.5% higher. Moschip Technologies gained 4% in response to the positive sentiment in the sector.

• Bharat Electronics: Secured orders worth Rs 1,155 crore from Cochin Shipyard, boosting investor confidence.

• JSW Infrastructure: Shares surged on the company's plans to raise over Rs 5,000 crore through a QIP.

• Varun Beverages: The stock advanced ahead of its record date for a stock split.

• Gravita India: Signed an MoU to acquire a rubber recycling plant in Europe.

• Sona BLW: Shares rose 3% as the firm raised Rs 2,400 crore via QIP.

• Goa Carbon: Stock surged 9% after resuming operations at its Goa unit.

• Tata Motors: UBS Securities maintained a 'sell' rating on Tata Motors, forecasting a 20% downside potential and retaining a price target of Rs 825.

• Tata Motors: UBS Securities maintained a 'sell' rating on Tata Motors, forecasting a 20% downside potential and retaining a price target of Rs 825. After correction there is an opportunity.

"The Indian markets experienced profit-taking at higher levels, leading to a subdued close. As investors await key inflation data and global cues, caution may dominate the upcoming sessions. Eyes remain on commodity prices and global central bank actions."

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Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

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