POST-MARKET SUMMARY 21st February 2024

On February 21, Indian markets closed lower, pressured by auto stocks following reports of Tesla’s entry into India with its first EV shipment. Market sentiment weakened further amid speculation that the government may ease EV import rules, raising concerns about increased competition for domestic automakers.

On the sectoral front, the Nifty Pharma index declined by 1.9%, auto fell by 2.6%, while metal gained 1%.

NIFTY:  The index opened 56 points lower at 22,857 and made a high of 22,921 before closing at 22,795. Nifty has formed a bearish candle on the daily chart. Its immediate resistance level is now placed at 22,850 while its immediate support is at 22,700. 

BANK NIFTY: The index opened 207 points lower at 49,127 and closed at 48,981. Bank Nifty has formed a bearish candle with upper and lower wicks, resembling a High-Wave like pattern on the daily chart. Its immediate resistance level is now placed around 49,100 while immediate support is around 48,700.

Stocks in Spotlight

▪  Religare Enterprises: Stock surged 15% after the Burman family secured majority control in the company. This development follows a ₹2,116 crore open offer to acquire an additional 26% stake, which saw a lukewarm response.

▪  IREDA: Stock surged 10% intraday amid strong investor interest, driven by NSE’s decision to add the stock to F&O contracts.

▪  Bharat Heavy Electrical: Stock slipped almost 2% amid an arbitration case worth ₹30 crore, with Ducon Technologies initiating proceedings to recover nearly ₹27 crore, along with additional interest claims.

Global News

▪  Equity indexes across Europe and Asia saw modest gains. European markets opened flat as investors weighed mixed earnings reports and monitored global trade policy developments.

▪  The euro traded just below $1.05, on track for a third consecutive weekly decline against the USD. Investors remain cautious ahead of Germany’s general election on Sunday and the latest PMI data from key European economies.

▪  Brent crude oil futures dipped below $76 per barrel, yet remained on pace for a 1.5% weekly gain, supported by concerns over supply disruptions in Russia and strengthening demand in the US and China.

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