POST-MARKET SUMMARY 24th March 2025

On March 24, the market continued its rally from the previous week, rising over 1% amid broad-based buying across sectors and positive sentiment from a potential flexibility in President Trump’s tariff plan.

 The market opened strong, extending gains for the sixth consecutive session, with buying momentum building throughout the day. However, selling in the final hour wiped out some of the intraday gains.

 All sectoral indices closed in the green, with bank, capital goods, IT, oil & gas, power, realty, and PSU banks gaining 1-3%.

NIFTY:  The index opened 165 points higher at 23,515 and made a high of 23,708 before closing at 23,658. Nifty has formed a bullish candle on the daily chart. Its major resistance level is now placed at 23,800 while its major support is at 23,500.

BANK NIFTY: The index opened 389 points higher at 50,982 and closed at 51,704. Bank Nifty has formed a bullish candlestick on the daily charts. Its major resistance level is now placed around 52,000 while major support is around 51,400. 

Stocks in Spotlight

▪  Poonawalla Fincorp: Stock gained nearly 4% after the company introduced an AI-powered underwriting solution developed with IIT Bombay.

▪  Kotak Mahindra Bank: Stock surged almost 5% following key leadership appointments, including the new Chief Technology Officer (CTO), signalling a strategic push toward digital banking.

▪  Bharti Airtel: Stock closed 0.4% lower after reports suggested the government may not offer relief on AGR dues. Despite a proposal to waive 50% of interest and 100% of penalties, the Cabinet Secretariat reportedly informed the Department of Telecom that no relief is under consideration.

Global News

 ▪  Asian markets exhibited mixed performance on Monday, as the White House plans to impose tariffs on key trading partners next week, raising concerns about potential damage to the global economy.

▪  European stocks saw gains at midday on Monday, driven by reports of continued growth in business activity across the eurozone for the third consecutive month.

▪  Crude oil prices began the week with a decline, as traders await developments on the potential resolution of the Ukraine conflict, which could lead to an increase in the international supply of Russian crude.

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