POST-MARKET SUMMARY 13th February 2024

On February 13, the Indian equity market managed to recover most of its losses from the previous session bolstered by favorable macroeconomic data, closing higher with the Nifty above 21,700, driven mainly by gains in banking stocks. Across sectors, apart from metals (down 2%), all other indices ended positively, with banking, healthcare, information technology, and capital goods sectors witnessing gains ranging from 0.4% to 1.5%.

NIFTY:  The index opened 48 points higher at 21,664 and made a high of 21,766 before closing at 21,743. Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 21,780 while immediate support is at 21,620.

BANK NIFTY: The index opened 174 points higher at 45,056 and closed at 45,502. Bank Nifty has formed a bullish candlestick pattern, which somewhat resembles a Bullish Harami kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 45,750 while support is at 45,000.

Stocks in Spotlight

▪  63 Moons Technologies:  Stock rallied 5% and got locked in the upper circuit after MCX faced technical glitches in the commodities derivatives platform.

▪  NHPC: Stock surged 6.7% after the company announced an interim dividend of Rs 1.4 a share for FY24.

▪  Krsnaa Diagnostics: Stock slumped 4% intraday after the company’s net profit fell 4.4% to Rs 13 crore because of expenses incurred in implementation of two projects.

Global News 

▪  The Stoxx 600 index was down 1% by mid-afternoon, compounding earlier weakness. A 3.4% decline for the tech sector led losses, while oil and gas stocks climbed 0.4%.

▪  Gold prices declined Tuesday after the latest U.S. inflation report came in hotter than expected.

▪  Consequently, the dollar rose to three-month peaks on Tuesday.

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