POST-MARKET SUMMARY 15th February 2024

On February 15, amidst another volatile session, the market concluded with gains, extending its winning streak for the third consecutive session, with the Nifty crossing 21,900. Benefitting from positive global cues, Indian equity indices opened higher but erased some of the early gains to trade within a narrow range during the first half. However, they regained momentum in the latter half, closing near the day's peak levels. On the sectoral front, the FMCG index experienced a decline of 0.9%, while auto, PSU Bank, metal, realty, power, and oil & gas sectors saw gains ranging between 1% to 2%. 

NIFTY:  The index opened 66 points higher at 21,906 and made a high of 21,953 before closing at 21,910. Nifty has formed a Doji candlestick on the daily chart. Its immediate resistance level is now placed at 21,965 while immediate support is at 21,875. 

BANK NIFTY: The index opened 119 points higher at 46,027 and closed at 46,218. Bank Nifty has formed a higher high and higher low formation for the third consecutive session, which is a positive sign. Its immediate resistance level is now placed at 46,380 while support is at 46,050.

Stocks in Spotlight

▪  Aster DM:  Stock surged over 7% after the company said that it would split to create two separate entities, focused on India and GCC businesses.

▪  NMDC: Stock gained 4.7 % after the company reported stellar results for the December quarter.

▪  Sterlite Technologies: Stock rose 3.3% after the company announced its partnership with BAPS temple in Abu Dhabi for optical solutions.

Global News

▪  Asia-Pacific markets rebounded after mostly falling on Wednesday, while Japan entered a technical recession as its GDP contracted for a second straight quarter.

▪  UK’s Q4 GDP (gross domestic product) contracted 0.3% QoQ  vs an estimated fall of 0.1%.

▪  The 10-year Treasury yield retreated after much weaker-than-expected retail sales.

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