POST-MARKET SUMMARY 10th February 2025
On February 10, Indian markets saw a sharp decline of over 0.7%, mirroring losses across most Asian markets. Investor sentiment remained cautious as U.S. President Donald Trump reaffirmed his commitment to imposing tariffs on imports, raising concerns about potential disruptions in global supply chains. At closing, the benchmark Sensex fell 0.7%, or 548 points, to settle at 77,311.80, while the Nifty50 index dropped 0.76%, or 178.35 points, to 23,381.60. This marked the fourth consecutive session of losses for both indices.
All sectoral indices ended in the red, with metal, media, pharma, consumer durables, energy, and realty sectors declining by 2-3%.
NIFTY: The index opened flat at 23,543 and made a high of 23,568 before closing at 23,381. Nifty has formed a bearish candlestick pattern on the daily chart. Its critical resistance level is now placed at 23,460 while critical support is at 23,315.
BANK NIFTY: The index opened 106 points lower at 50,052 and closed at 49,981. Bank Nifty has formed a bearish candlestick with long bottom wick on the daily chart. Its critical resistance level is now placed around 50,160 while critical support is around 49,700.
Stocks in Spotlight
▪ Mahanagar Telephone Nigam Limited: Stock gained 9% intraday after reports of the Union Cabinet having approved a Rs 6,000 crore financial package to fast-track the 4G network expansion of Bharat Sanchar Nigam Limited (BSNL) and its subsidiary, MTNL.
▪ Zaggle: Stock hit the 10% lower circuit after the company reported drop in profit after tax (PAT) of nearly 3% in the December quarter, sequentially.
▪ Tilaknagar Industries: Stock plunged 20%, hitting the lower circuit as Bombay High Court dismissed company's plea against other firms using its trademark brand names 'Mansion House' and 'Savoy Club' on their product.
Global News
▪ Oil prices ticked higher on Monday, rebounding after declines last week on concerns about a global trade war, as investors appeared to shrug off U.S. President Donald Trump’s latest threat, this time on steel and aluminium imports.
▪ Asia-Pacific markets were mixed Monday as escalating trade tensions kept investors on edge. Over in Japan, the benchmark Nikkei 225 ended the day flat at 38,801.17, while the broader Topix index edged down 0.15% to close at 2,733.01.
▪ Gold prices jumped more than 1% on Monday to hit a record high, as safe-haven demand surged on fears of a global trade war after U.S. President Donald Trump announced new tariff plans.
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