POST-MARKET SUMMARY 23rd February 2024

On February 23, Indian equity benchmarks ended flat after reaching new highs in early trading, as banking stocks declined and investors exercised caution ahead of the release of GDP numbers and other data. Among sectoral indices, Nifty media led with a 1.2% gain, followed by Nifty Realty and Nifty Consumer Durables, which were up by 1% and 0.6% respectively. 

NIFTY:  The index opened 73 points higher at 22,290 and made a high of 22,297 before closing at 22,212. Nifty has formed bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,250 while immediate support is at 22,150. 

BANK NIFTY: The index opened 141 points higher at 47,060 and closed at 46,811. Bank Nifty has formed bearish candlestick pattern with long upper shadow on the daily chart. Its immediate resistance level is now placed at 47,000 while support is at 46,600.

Stocks in Spotlight

▪  Sona Blw Precision Forgings:  Stock rose 5.88% after the company became the first automotive component manufacturer to receive certification under the Auto Production Linked Incentive (PLI) scheme.

▪  Indus Towers: Stock surged 6.82% after Vodafone’s board announcement of meeting for fund raising.

▪  Dilip Buildcon: Stock fell 1.62% despite the infra company executed a concession agreement with the Public Works Department in Goa.

Global News

▪  The Stoxx 600 index was up 0.4% in by 1:30 p.m. London time, with most sectors trading in the green. Autos stocks were up 1.2%, while telecom stocks fell 0.9%.

▪  Gold prices rose Friday, on track for their first weekly rise in three as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion’s appeal.

▪  Oil prices fell on Friday and were on track for a weekly decline after the U.S. central bank indicated that interest rate cuts could be delayed by at least two more months.

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