POST-MARKET SUMMARY 16th February 2024
On February 16, the market continued its upward trajectory for the fourth consecutive session. Buoyed by favorable global signals, Indian equity indices commenced on a positive note and sustained their gains throughout the day, with Nifty maintaining levels above 22,000. Buying activity spanned across various sectors, with the exception of oil & gas and power. Auto, capital goods, pharma, IT, and realty indices recorded gains of around 1-2% each.
NIFTY: The index opened 110 points higher at 22,020 and made a high of 22,068 before closing at 22,040. Nifty has formed a small bullish candlestick with a lower shadow on the daily chart. Its immediate resistance level is now placed at 22,125 while immediate support is at 21,900.
BANK NIFTY: The index opened 236 points higher at 46,454 and closed at 46,384. Bank Nifty has formed a small bearish candlestick with a long upper shadow on the daily timeframe. Its immediate resistance level is now placed at 46,700 while support is at 46,200.
Stocks in Spotlight
▪ Natco Pharma: Stock zoomed 14% and hit a 52-week high two days after the company reported a three-fold rise in its net profit to Rs 212.7 crore, supported by strong revenue in the December quarter.
▪ Glenmark Pharma: Stock surged 7% as the company’s positive commentary cheered investors.
▪ Mahindra and Mahindra: Stock jumped 4% after the company signed an agreement for Volkswagen components to be used in its electric vehicles.
Global News
▪ The U.S. dollar gained on Friday after data showed producer prices in the world’s largest economy came in higher than expected, affirming expectations that the Federal Reserve will hold off the start of its rate-cutting cycle to the middle of the year.
▪ Oil slipped on Friday as a forecast of slowing demand by the International Energy Agency offset support from geopolitical tensions.
▪ Hong Kong markets led gains in Asia on Friday. Japan’s Nikkei 225 hit a fresh 34-year high as it attempted to scale its all-time peak.
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