POST-MARKET SUMMARY 12th February 2024

On February 12, the Indian market opened marginally higher but failed to sustain the gains as the session progressed, with the Sensex and the Nifty closing near the day’s low ahead of CPI inflation data announcement. Across sectors, FMCG, PSU bank, capital goods, metal, oil & gas, power, and realty experienced declines ranging from 1% to 4% each, while healthcare and IT indices ended the day in positive territory. 

NIFTY:  The index opened flat at 21,800 and made a high of 21,831 before closing at 21,616. Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 21,700 while immediate support is at 21,575.

BANK NIFTY: The index opened 30 points higher at 45,664 and closed at 44,882. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 45,250 while support is at 44,500.

Stocks in Spotlight

▪  Bandhan Bank:  Stock fell 7.7% after loans worth Rs 23,300 crore it lent out under credit guarantee schemes came under review by the National Credit Guarantee Trustee Company (NCGTC) on doubts of evergreening.

▪  Bharat Forge: Stock fell 13.9% even after the company’s net profit surged 223% to Rs 254.45 crore in Q3FY24. 

▪  Divi’s Laboratories: Stock gained 2.3% after the company’s net profit jumped 17% YoY to Rs 358 crore in Q3FY24.

Global News

▪  Asian shares were mixed on Monday, with most regional markets closed for holidays while US Futures edged lower after the S&P 500 ended last week above 5,000. This week will bring an important update from the US on consumer inflation expectations. Japan is due to announce its GDP growth for the last quarter of 2023 on Thursday.

▪  Gold edged lower on Monday due to an uptick in the dollar, although prices were stuck in a tight range as investors looked forward to US inflation data and comments from Federal Reserve officials this week.

▪  Oil prices slipped as investors indulged in some profit-booking as refining outages squeezed refined products markets.

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