POST-MARKET SUMMARY 1st February 2024

On February 1, the Indian equity benchmarks ended with little change in a volatile session after Finance Minister Nirmala Sitharaman presented the in-line Interim Budget with no big announcements. A mixed trend was seen on the sectoral front, with auto, bank, FMCG and power adding 0.2-0.8%, while capital goods, metal and realty were down a percent each. PSU Bank was the best-performing sector, gaining over 3%. 

NIFTY:  The index opened 55 points higher at 21,780 and made a high of 21,832 before closing at 21,697. Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 21,835 while immediate support is at 21,650. 

BANK NIFTY: The index opened 168 points higher at 46,164 and closed at 46,188. Bank Nifty has formed a Doji candlestick on the daily chart. Its immediate resistance level is now placed at 46,300 while support is at 45,650.

Stocks in Spotlight

▪  Indian Overseas Bank:  Stock gained 6% along with other PSU banks after the government announced lower than expected borrowing program in the budget.

▪  Paytm: Stock fell 20% and got locked in the lower circuit after RBI imposed major restrictions on the company's lending business, which also includes a prohibition on accepting fresh deposits and doing credit transactions after February 29.

▪  PB Fintech: Stock fell 1% after a block deal where 2.44 crore shares of the company changed hands on the stock exchanges.

Global News 

▪  Gold prices oscillated on Thursday, weighed by a stronger dollar after the Federal Reserve resisted the idea of a rate cut in March, but bullion held its ground as investors continued to cling to the hope that interest rates would be trimmed later this year.

▪  The dollar hovered close to the highest level in seven weeks against the euro on Thursday.

▪  Global oil prices climbed in early trade on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market.

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