POST-MARKET SUMMARY 14th February 2024

On February 14, Sensex and Nifty lost steam around noon, slipping 0.5% as financials, oil & gas, and pharma stocks weighed on sentiment. The broader markets took a bigger hit, with the BSE Midcap and BSE Smallcap indices plunging nearly 3% each, sharply underperforming the benchmarks. Among sectoral indices, all 13 major sectors ended in the red, with Nifty Energy, Media, and Pharma suffering the most, down 2-3%. 

NIFTY:  The index opened 65 points higher at 23,096 and made a high of 23,133 before closing at 22,929. Nifty has formed a bearish candlestick pattern with lower shadow on the daily chart. Its immediate resistance level is now placed at 23,000 while its immediate support is at 22,800.

BANK NIFTY: The index opened 126 points higher at 49,485 and closed at 49,099. Bank Nifty has formed a bearish candlestick pattern with long lower shadow on the daily chart. Its immediate resistance level is now placed around 49,250 while immediate support is around 48,700.

Stocks in Spotlight

▪  Godfrey Phillips India: Stock experienced a 20% surge intraday which was triggered by the company's impressive Q3FY25 results.

▪  ITI Ltd: Stock declined by 5% after company reported a reduction in its net loss Q3FY25 results, the fact that a loss persisted seems to have dampened investor enthusiasm.

▪  Manappuram Finance: Stock fell 5%, reaching Rs 183. This significant drop was triggered by the company's weaker-than-expected Q3FY25 results.

Global News

▪  Asia-Pacific markets were mixed Friday, after Wall Street rose overnight as President Donald Trump signed a reciprocal tariffs plan, but did not enact the levies immediately.

▪  Oil prices rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs would not come into effect until April, giving more time to avoid a trade war.

▪  Gold prices rose on Friday and were on track for a seventh consecutive weekly gain as worries over a potential global trade war intensified after U.S. President Donald Trump’s push for reciprocal tariffs.

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