POST-MARKET SUMMARY 14th February 2024

On February 14, amidst a highly volatile session, the market staged a sharp recovery, closing higher driven by gains in SBI and other PSU banks. The Nifty initially dropped to 21,530.20 but later bounced back, ending the day 97 points higher at 21,840, marking a 0.44% increase. In terms of sectors, both PSU bank and oil & gas indices surged by 3%, while auto, banking, FMCG, capital goods, metals, power, and realty sectors all saw gains of over 1% each. Conversely, the information technology and pharmaceutical indices witnessed declines of 1% each.

NIFTY: The index opened 165 points lower at 21,578 and made a high of 21,870 before closing at 21,840. Nifty has formed a long bullish candlestick pattern, which engulfed all the previous three candles on the daily chart. Its immediate resistance level is now placed at 21,900 while immediate support is at 21,770.

BANK NIFTY: The index opened 488 points lower at 45,014 and closed at 45,908. Bank Nifty has formed a long bullish candlestick pattern on the daily timeframe. Its immediate resistance level is now placed at 46,180 while support is at 45,650.

Stocks in Spotlight

▪  Sansera Engineering:  Stock gained 3% after the company’s net profit jumped 55 percent on-year to Rs 48.4 crore.

▪  IREDA: Stock surged 5% to get locked in upper circuit after 2 crore shares exchanged hands at average price of Rs 160. The deal was worth Rs 389.8 crore.

▪  BPCL: Stock gained 7.3% after BPCL ESPS Trust sold 68,36,948 equity shares in the company in a block deal. 

Global News

▪  Gold prices extended declines on Wednesday, languishing below the key $2,000-per-ounce mark, pressured by a stronger-than-expected U.S. inflation report that caused investors to pull back on bets of rate cuts by the Federal Reserve.

▪  The dollar rose to a fresh three-month high against major peers.

▪  Oil prices fell in early Asian trade on Wednesday after a U.S. industry group reported crude stocks rose more than expected last week.

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