POST-MARKET SUMMARY 21st February 2024

On February 21, domestic benchmark indices halted their six-day winning streak as traders opted to lock in profits. The IT and oil & gas sectors exerted the most downward pressure on the indices. Many sectoral indices closed with declines, with Nifty Media experiencing the most significant drop, down by approximately 5%. Nifty Oil & Gas and Nifty IT were among the top losers, both declining by over 1%. On the positive side, Nifty Realty emerged as the day's biggest gainer, rising by 2%. Additionally, Nifty PSU Bank and Nifty Metal closed with gains. 

NIFTY:  The index opened 52 points higher at 22,248 and made a high of 22,249 before closing at 22,055. Nifty has formed an ‘Engulfing Bear’ candle on the daily chart. Its immediate resistance level is now placed at 22,100 while immediate support is at 21,965.

BANK NIFTY: The index opened 269 points higher at 47,363 and closed at 47,019. Bank Nifty has formed a strong bearish candle on the daily chart. Its immediate resistance level is now placed at 47,200 while support is at 46,700.

Stocks in Spotlight

▪  HFCL:  Stock rose 3% intraday and hit a 52-week high after the company announced a strategic expansion into Europe by establishing an optical Fiber cable manufacturing facility in Poland.

▪  Raymond: Stock surged 5.5% a day after the group's real estate arm Raymond Realty announced the launch of its first project outside Thane ‘The Address by GS, Bandra’.

▪  Zee Entertainment: Stock plunged 14% after Bloomberg reported that Sebi found out that about $241 million might have been diverted from the company.

Global News

▪  Asian stocks eased on Wednesday as diminishing expectations of early interest rate cuts from the Federal Reserve sapped risk appetite, with investors looking to the minutes of the U.S. central bank’s last meeting for clues on the policy outlook.

▪  The pan-European Stoxx 600 index was 0.3% lower in early afternoon deals, with most sectors trading in the red. Health care stocks fell 1.1% while autos rose 1.5%.

▪  U.S. Treasury yields were little changed on Wednesday as investors looked ahead to the release of the minutes from the Federal Reserve’s last meeting.

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