POST-MARKET SUMMARY 28th February 2024
On February 28, the Indian equity benchmarks concluded with a decline of over 1%, marked by widespread selling across sectors. Small and midcaps bore the brunt of the downturn, particularly ahead of the monthly expiry and the impending release of GDP data. Every sectoral index closed in negative territory, witnessing a 2% drop in auto, oil & gas, power, and realty sectors.
NIFTY: The index opened flat at 22,214 and made a high of 22,229 before closing at 21,951. Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,000 while immediate support is at 21,875.
BANK NIFTY: The index opened 52 points higher at 46,640 and closed at 45,963. Bank Nifty has formed a long bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 46,200 while support is at 45,700.
Stocks in Spotlight
▪ Torrent Power: Stock fell 2.3% even after the company announced that it bagged a project in Solapur, Maharashtra, marking its foray into the transmission segment.
▪ Gensol Engineering: Stock soared 7% intraday after the company's subsidiary Gensol Electric Vehicles received certification and approval for an electric vehicle from the Automotive Research Association of India (ARAI).
▪ Zee: Stock fell 6.4% a day after the media company said it had set up a panel to examine the allegations levelled against the company, its promoters and key managerial personnel by regulatory bodies.
Global News
▪ European stocks dipped 0.2% to hover just shy of recent highs, as lacklustre corporate earnings also weighed on sentiment. German stocks bucked the trend to add 0.2%.
▪ Asia-Pacific stock markets mostly fell Wednesday as New Zealand’s central bank kept its interest rate steady, while Hong Kong scrapped rules to tighten its property market at its budget announcement.
▪ Bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new U.S. spot bitcoin exchange traded products fuelled a 42% price rally in February, which would mark its largest monthly gain since December 2020.
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