POST-MARKET SUMMARY 22nd February 2024

On February 22nd, the market commenced with a tepid start influenced by mixed global signals. Despite this, ongoing profit-taking from the preceding session exerted downward pressure on the Nifty, pushing it below the 21,900 mark during intraday trading. However, a surge in buying activity during the final hours of the session bolstered the index, driving it towards its peak for the day. Across sectors, Auto, Capital Goods, Metal, Power, Information Technologies, and Telecom all witnessed a 1% increase. Conversely, the banking index experienced a marginal decline.

NIFTY:  The index opened 26 points higher at 22,081 and made a high of 22,252 before closing at 22,217. Nifty has formed bullish candlestick pattern with long lower shadow on the daily chart. Its immediate resistance level is now placed at 22,250 while immediate support is at 22,130.

BANK NIFTY: The index opened 85 points lower at 46,934 and closed at 46,919. Bank Nifty has formed Doji candlestick pattern on the daily timeframe. Its immediate resistance level is now placed at 47,200 while support is at 46,200.

Stocks in Spotlight

▪  MTAR Technologies:  Stock surged around 6% after the Union Cabinet approved changes to the Foreign Direct Investment Policy (FDI) in the space sector.

▪  LTI Mindtree: Stock gained 1.17% a day after the IT services company signed a memorandum of understanding with insurer Eurolife FFH to set up generative Al and digital hubs in Europe and India.

▪  Devyani International: Stock fell 1.68% after Yum Restaurants divested the entire 4.4% stake in the KFC operator, valuing the transaction at Rs 871 crore.

Global News

▪  The Stoxx 600 index was up 0.8% in early-afternoon deals, with most sectors trading in the green. Autos stocks rose 2.9%, while food and beverage fell 1.3%.

▪  Canadian companies raised $5.7 billion via green bonds last year, down 58% from 2022. Canada's share of the global market for green bonds - a fixed-income instrument earmarked to raise money for climate and environmental projects - fell to 1.3% from a high of 4% in 2020, according to LSEG data.

▪  Treasury yields rose on Wednesday after minutes from the Federal Reserve's last meeting showed concerns about cutting interest rates too soon, while global shares closed flat ahead of Nvidia results that could determine the near-term outlook for equities.

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