POST-MARKET SUMMARY 24th February 2025
On February 24, benchmark indices extended their decline for the fifth consecutive session, weighed down by weak global cues, ongoing concerns over a potential trade war involving the US, and continued foreign capital outflows.
On the sectoral front, IT, metal, and telecom indices dropped 2%, while auto, pharma, and FMCG managed to stay in the green.
NIFTY: The index opened 186 points lower at 22,609 and made a high of 22,668 before closing at 22,553. Nifty has formed a bearish candlestick pattern with a minor upper shadow on the daily chart. Its immediate resistance level is now placed at 22,620 while its immediate support is at 22,500.
BANK NIFTY: The index opened 362 points lower at 48,619 and closed at 48,651. Bank Nifty has formed a small-bodied bullish candle with a minor upper and long lower shadow, resembling a Dragonfly Doji-like candlestick pattern on the daily chart. Its immediate resistance level is now placed around 48,800 while immediate support is around 48,500.
Stocks in Spotlight
▪ Pfizer: Stock surged over 9% intraday after the company signed a five-year marketing and sales agreement with Mylan Pharma for its brands, Ativan and Pacitane. The deal, focused on the Indian market, aims to strengthen distribution and clinical presence, though drug sourcing details remain unspecified.
▪ Federal Bank: Stock gained 1.6% intraday after the private lender presented 12 key themes aimed at increasing its Return on Assets (RoA), targetting to be among the top six banks by FY28.
▪ Glenmark Pharma: Stock climbed over 4% intraday after the company settled anti-trust and consumer protection lawsuits involving its US subsidiary.
Global News
▪ Asia-Pacific markets mostly fell on Monday after Wall Street logged its worst session of the year last Friday as U.S. economic data pointed to a slowing economy and sticky inflation.
▪ The euro climbed as much as 0.6% before trimming some gains to trade just below $1.05 on Monday, as traders digested the results of the German election.
▪ The yield on the US 10-year Treasury note was little changed around 4.4% on Monday, the lowest level since mid-December, as traders weighed President Trump's trade policies, fresh economic data, and the outlook for monetary policy.
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