POST-MARKET SUMMARY 19th February 2024

On February 19, the Indian market extended its losses for the fourth consecutive session, closing slightly lower in a highly volatile trade. Investors remained cautious after U.S. President Donald Trump announced plans to impose 25% tariffs on auto, semiconductor, and pharmaceutical imports. Market participants now await the release of the FOMC meeting minutes later tonight.

Among sectors, IT declined 1.3%, and pharma slipped 0.7%, while media, energy, metal, PSU bank, realty, and capital goods gained 1-2%.

NIFTY:  The index opened 98 points lower at 22,847 and made a high of 23,049 before closing at 22,932. Nifty has formed a bullish candlestick pattern with an upper shadow on the daily charts. Its immediate resistance level is now placed at 23,000 while its immediate support is at 22,850.

BANK NIFTY: The index opened 192 points lower at 48,895 and closed at 49,570. Bank Nifty has formed a long bullish candlestick pattern on the daily charts. Its immediate resistance level is now placed around 49,650 while immediate support is around 49,300.

Stocks in Spotlight

▪  RVNL: Share surged 13%, breaking a three-day losing streak. The sharp rise came after the announcement of a joint venture project win worth Rs 554 crore for the Bengaluru Suburban Rail Project (BSRP) in Karnataka.

▪  Hindalco Industries: Shares rose over 2% as the EU approved its sixteenth sanctions package against Russia, including a ban on primary aluminium imports and restrictions on 73 shadow fleet vessels.

▪  JBM Auto: Shares jumped over 14%  after a subsidiary secured a ₹5,500-crore order under the PM eBus Sewa Scheme-II. The e-buses will be deployed across 19 cities in Gujarat, Maharashtra, and Haryana.

Global News

▪  European markets fell on Wednesday as investors assessed numerous earnings releases, and a hotter-than-expected U.K. inflation print.

▪  Asia-Pacific stocks showed mixed performance on Wednesday after U.S. President Donald Trump suggested imposing tariffs of approximately 25% on auto, semiconductor, and pharmaceutical imports.

▪  Oil prices edged up on Wednesday, buoyed by concern over oil supply disruptions in Russia and the U.S. while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine.

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