POST-MARKET SUMMARY 17th February 2024

On February 17, Indian markets ended marginally higher, snapping an eight-day losing streak after a volatile session. Indices opened weak amid mixed global cues and extended losses during the day, but mid-session buying helped recover from intraday lows.

Sectorally, pharma, PSU Bank, energy, consumer durables, and metal indices gained 0.5-1%, while auto, IT, telecom, and media declined 0.5-1%.

NIFTY:  The index opened 120 points lower at 22,809 and made a high of 22,974 before closing at 22,959. Nifty has formed a bullish candle with a minor lower shadow on the daily chart. Its immediate resistance level is now placed at 23,000 while its immediate support is at 22,870.

BANK NIFTY: The index opened 219 points lower at 48,880 and closed at 49,258. Bank Nifty has formed a bullish candle with a long lower shadow on the daily chart. Its immediate resistance level is now placed around 49,400 while immediate support is around 49,100.

Stocks in Spotlight

▪  Glenmark Pharmaceuticals: Stock climbed almost 4% after the company provided strong FY26 guidance and returned to profitability in Q3FY25. It reported a net profit of Rs 348 crore, reversing from a Rs 351 crore loss in the same quarter last year.

▪  Zen Technologies: Stock plunged 20% following a sequential decline in Q3FY25 net profit. Earnings nearly halved to Rs 38.62 crore from Rs 65.24 crore in the previous quarter, despite showing year-on-year growth.

▪  RVNL: Stock fell 7% intraday after the release of Q3FY25 results, which reported a net profit of Rs 311 crore, marking a 13% decrease from Rs 359 crore in Q3FY24.

Global News

▪  European shares hovered near a record high on Monday, boosted by defence stocks amid growing U.S. calls for the region to increase military spending for security.

▪  Japan's GDP expanded by 0.7% QoQ in Q4 2024, accelerating from an upwardly revised 0.4% growth in Q3 and exceeding forecasts of 0.3%, flash data showed.

▪  Brent crude oil remained just below $75 per barrel on Monday as investors monitored progress on a potential Russia-Ukraine peace deal, which could lead to eased sanctions and increased supply.

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