POST-MARKET SUMMARY 26th February 2024

On February 26, the Indian equity indices closed lower with Nifty settling below 22,150 in a volatile session marked by widespread selling across sectors except for oil & gas, power, and capital goods. Despite opening with a negative bias amid mixed global cues, the market saw extended selling in the first half. However, a late session surge in power and capital goods stocks helped mitigate some intraday losses. Sectors such as Information Technology and Metal witnessed declines of 1%, while Bank and Pharma saw a decrease of 0.5%. Conversely, oil & gas, power, and capital goods posted gains ranging from 0.5% to 1%. 

NIFTY:  The index opened 43 points lower at 22,169 and made a high of 22,202 before closing at 22,122. Nifty has formed small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,200 while immediate support is at 22,070. 

BANK NIFTY: The index opened 196 points lower at 46,615 and closed at 46,576. Bank Nifty has formed Doji kind of candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,000 while support is at 46,300.

Stocks in Spotlight

▪  RITES:  Stock gained 2.42% after IIT Bhubaneswar appointed the company as project management to develop a permanent campus in Odisha.

▪  Skipper: Stock surged 3.62% after the company signed a Rs 737-crore contract with Power Grid Corporation of India.

▪  Alkem Laboratories: Stock fell 7.5% after reports that the income tax department was investigating tax evasion by the company. 

Global News

▪  Gold slipped on Monday as markets pared back expectations of the Federal Reserve’s easing cycle and cautiously awaited a key inflation reading this week, which is likely to provide an updated view on the timing of interest rate cuts.

▪  European markets were lower on Monday, as global investors looked ahead to more inflation data out this week.

▪  The dollar held fairly steady on Monday ahead of a macro-packed week that could shed more light on the global rate outlook, with a U.S. inflation reading taking centre stage.

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