POST-MARKET SUMMARY 20th February 2024

On February 20, Indian markets closed lower for the third consecutive session, though Nifty managed to hold just above 22,900. Broader market buying helped recover intraday losses despite selling pressure across most sectors. Among sectoral performers, auto, metal, oil & gas, media, power, realty, and PSU banks gained 1-2%, while the banking index declined by 0.5%.

NIFTY:  The index opened 111 points lower at 22,821 and made a high of 22,923 before closing at 22,913. Nifty has formed a bullish candlestick pattern on the daily charts. Its immediate resistance level is now placed at 23,000 while its immediate support is at 22,800.

BANK NIFTY: The index opened 256 points lower at 49,314 and closed at 49,334. Bank Nifty has formed a Doji like candlestick pattern on the daily charts. Its immediate resistance level is now placed around 49,460 while immediate support is around 49,100.

Stocks in Spotlight

▪  Bharat Electronics: Shares gained 2.7% as the Ministry of Defence signed a ₹1,220 crore contract for the procurement of 149 Software Defined Radios for the Indian Coast Guard. This deal is set to strengthen the Coast Guard's communication and operational capabilities.

▪  Mahindra & Mahindra: Shares surged close to 3% after a partnership was announced with US-based Anduril Industries to develop Autonomous Maritime Systems, AI-enabled CUAS technologies, and C2 software. The collaboration aims to enhance regional security with cutting-edge autonomous solutions.

▪  VST Industries: Shares dropped sharply by 3.7% amid reports that the GST Council may consider increasing taxes on cigarettes and other tobacco products. The news weighed on tobacco stocks, raising concerns about potential demand slowdown.

Global News

▪  European stock markets were slightly higher on Thursday morning amid the latest flurry of earnings releases.

▪  Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market.

▪  Gold prices rose to an all-time high on Thursday, as concerns U.S. President Donald Trump’s tariff threats will unleash a global trade war drove investor appetite for the metal.

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