POST-MARKET SUMMARY 1st March 2024

On March 1, Indian equity benchmarks, namely the Sensex and the Nifty, soared to fresh record highs buoyed by robust GDP data, strong auto sales figures, and US inflation numbers meeting expectations, which kept hopes alive for a potential rate cut. Across sectors, the metal index surged by 4%, while auto, bank, capital goods, and oil & gas saw gains of 2% each. However, the healthcare index dipped by 1%, and the Information Technology index slipped by 0.5%. 

NIFTY:  The index opened 66 points higher at 22,048 and made a high of 22,353 before closing at 22,338. Nifty has formed a long bullish candlestick on the daily chart. Its immediate resistance level is now placed at 22,380 while immediate support is at 22,275. 

BANK NIFTY: The index opened 98 points higher at 46,218 and closed at 47,286. Bank Nifty has formed a robust bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,360 while support is at 47,000.

Stocks in Spotlight

▪  ICICI Bank:  Stock surged 3.12% after the private lender increased its stake in ICICI Lombard General Insurance via an open market transaction, the second such purchase in a week.

▪  Tata Investment Corporaton: Stock rallied 5% a day after the Union Cabinet approved three semiconductor plant proposals, two of which would be set up by Tata group.

▪  Suven Pharma: Stock gained 12.49% a day after the firm announced a scheme of amalgamation for a merger with Cohance Lifesciences.

Global News

▪  The pan-European Stoxx 600 provisionally ended the session up 0.6%. Tech stocks led gains, adding 1.6%, while insurance fell 0.7%.

▪  Gold started March on a positive note, with prices rising to a four-week high on Friday after data showing signs of abating inflation hardened expectations of a U.S. rate cut by June.

▪  The yen slipped against the dollar on Friday after Bank of Japan governor Kazuo Ueda said it was too soon to declare victory on pulling inflation up to a desired level.

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