POST-MARKET SUMMARY 10th March 2025

On March 10, Indian indices closed lower after a volatile session, despite trading higher in the first half. Both Sensex and Nifty erased early gains and slipped into the red as profit-booking in the latter half, combined with weak global cues, weighed on investor sentiment. The sell-off was driven by concerns over a sharp decline in US stock futures, renewed trade tensions, and weak cues from Asian markets.

Except for FMCG, all sectoral indices declined, with Auto, Consumer Durables, Metal, Capital Goods, Oil & Gas, Realty, and PSU Bank falling 1-2%.

NIFTY:  The index opened 31 points lower at 22,521 and made a high of 22,676 before closing at 22,460. Nifty has formed a bearish candle with a long upper shadow, resembling a Shooting Star pattern on the daily chart. Its immediate resistance level is now placed at 22,520 while its immediate support is at 22,400.

BANK NIFTY: The index opened 185 points lower at 48,312 and closed at 48,216. Bank Nifty has formed a bearish candle on the daily chart. Its immediate resistance level is now placed around 48,400 while immediate support is around 48,000.  

Stocks in Spotlight

▪  Bodal Chemicals: Stock surged 15% after the government imposed an anti-dumping duty on Trichloro Isocyanuric Acid (TCCA) imports, which is likely to boost the company’s bottom-line.

▪  IREDA: Stock fell over 3% after the RBI rejected the company's request for equity investment in Nepal’s 900 MW Upper Karnali Hydropower Project.

▪  HFCL: Stock surged 4% intraday after its subsidiary secured a Rs 44.36 crore contract from the Indian Army. The deal includes tactical optical fibre cable assemblies with ruggedized cables and military-grade connectors designed for extreme conditions.

Global News

▪  European shares opened flat on Monday as investors took a breather after a week of high volatility driven by uncertainties surrounding U.S. tariffs.

▪  The British pound traded around $1.29, hovering near four-month highs, supported by broad dollar weakness amid concerns about the U.S. economy and the potential impact of upcoming tariffs.

▪  U.S. natural gas futures surged nearly 5% to $4.60 per million British thermal units (MMBtu), their highest level since December 2022, fuelled by extreme weather, supply constraints, record LNG exports, and geopolitical tensions.

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