POST-MARKET SUMMARY 18th February 2024

On February 18, Indian indices opened on a quiet note and traded within a range as mixed cues from Asian markets kept investors cautious ahead of the FOMC meeting minutes release. After a volatile session, benchmark indices ended marginally lower.

Among sectors, Pharma, FMCG, Media, PSU Bank, and Consumer Durables fell 0.5-1%, while IT, Power, and Oil & Gas gained 0.5% each.

NIFTY:  The index opened flat at 22,963 and made a high of 22,992 before closing at 22,945. Nifty has formed a small-bodied bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,000 while its immediate support is at 22,850.

BANK NIFTY: The index opened 49 points lower at 49,211 and closed at 49,087. Bank Nifty has formed a bearish candle with a minor upper and a long lower shadow on the daily chart. Its immediate resistance level is now placed around 49,300 while immediate support is around 48,800.

Stocks in Spotlight

▪  Welspun Enterprises: Stock plunged over 7%, hitting a new low and extending a week-long decline after mixed Q3 earnings, where a 22.66% rise in net sales was offset by a slight dip in net profit.

▪  BHEL: Stock fell 5% intraday after an arbitration claim of ₹30 crore was initiated against the company by Ducon Tech. The state-owned firm has appointed an arbitrator to defend its position.

▪  Gillette India: Stock jumped over 16% intraday as investors cheered strong Q3 earnings, with net profit rising 21% to ₹125.97 crore and revenue up 7.2%.

Global News

▪  The pan-European Stoxx 600 inched up 0.07% as geopolitical tensions fueled a rally in defense stocks, with European leaders advocating for increased defense spending at an emergency meeting in Paris.

▪  Asian stocks gained momentum amid expectations that President Xi Jinping’s meeting with business leaders would bolster private companies, driving gains in Hong Kong and China.

▪  Silver prices hovered around $32.50 per ounce on Tuesday, remaining within a two-week range as global trade uncertainties heightened safe-haven demand.

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