POST-MARKET SUMMARY 20th February 2024

On February 20, benchmark indices extended their winning streak to the sixth consecutive day, with the Nifty hitting new all-time highs. The banking and financial services sectors witnessed significant buying activity, driving up both the Sensex and Nifty indices. The sectoral breakdown on the NSE showed a mixed performance. Nifty Media emerged as the top performer, rising by 2.27%. Following closely were Nifty Realty, Nifty Bank, and Nifty Financial Services, each gaining over 1%. However, Nifty IT and Nifty Auto experienced declines of approximately 1% each.

NIFTY:  The index opened 23 points lower at 22,099 and made a high of 22,215 before closing at 22,196. Nifty has formed a bullish candlestick with a lower shadow on the daily chart. Its immediate resistance level is now placed at 22,250 while immediate support is at 22,125. 

BANK NIFTY: The index opened 91 points lower at 46,444 and closed at 47,094. Bank Nifty has formed a strong bullish candlestick on the daily timeframe. Its immediate resistance level is now placed at 47,250 while support is at 46,900.

Stocks in Spotlight

▪  Ramkrishna Forgings:  Stock gained 1.8% after the company secured a contract worth $220 million in the North American market.

▪  Kotak Mahindra Bank: Stock jumped over 2% after the private sector lender announced key changes to its senior management team.

▪  Zaggle Prepaid: Stock surged over 13.5% after the company announced it had entered into an agreement with Easy Trip Planners Limited (EaseMyTrip) for three years.

Global News

▪  The pan-European Stoxx 600 index was 0.1% lower in morning deals, with most sectors trading in negative territory. Mining stocks sunk 2.2% while chemicals were a rare outlier, adding 1.2%.

▪  Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures. China's five-year loan prime rate was lowered by 25 basis points to 3.90%

▪  U.S. Treasury yields were mostly lower on Tuesday as uncertainty about the outlook for the economy and interest rates lingered. The 2-year Treasury yield was 5 basis points lower at 4.606% while the 10-year Treasury  yield was last off nearly 2 basis points to 4.279%.

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