POST-MARKET SUMMARY 28th February 2025
On February 28, Indian markets experienced a broad-based sell-off as fears of a global trade war and a slowing U.S. economy unsettled investors. The decline was further fueled by US President Donald Trump's tariff announcement on February 27, which proposed 25% tariffs on Mexican and Canadian goods starting March 4, along with an additional 10% duty on Chinese imports due to the ongoing flow of deadly drugs into the U.S. These new tariffs would add to the 10% levy imposed on February 4 over the fentanyl crisis, raising the total duty on Chinese imports to 20%.
Other sectors weren’t spared either, with Nifty Auto, FMCG, PSU Bank, Healthcare, Oil & Gas, and Media indices slumping between 2-4%, further adding to the market’s turmoil.
NIFTY: The index opened 112 points lower at 22,433 and made a high of 22,450 before closing at 22,124. Nifty has formed a bearish candlestick pattern on the daily charts. Its immediate resistance level is now placed at 22,200 while its major support is at 22,000.
BANK NIFTY: The index opened 300 points lower at 48,537 and closed at 48,344. Bank Nifty has formed a bearish candlestick pattern on the daily charts. Its immediate resistance level is now placed around 48,500 while immediate support is around 48,100.
Stocks in Spotlight
▪ Coal India: Shares jumped over 4% intraday following a new announcement. Northern Coalfields Ltd (NCL), a key subsidiary, introduced a Rs 300 per tonne levy across all its mines, effective May 1, 2025. This levy is expected to generate an additional Rs 3,877.5 crore in revenue, boosting the financial outlook and driving investor interest in the stock.
▪ Sanofi India: Shares rose over 6% intraday after Northern Coalfields Ltd (NCL) announced a Rs 300 per tonne levy across its mines, effective May 1, 2025. The move is expected to generate Rs 3,877.5 crore in additional revenue, boosting investor confidence.
▪ Granules India: Shares dropped over 8% following a warning letter from the US FDA regarding its Gagillapur facility after an August 2024 inspection. Despite addressing most issues, regulatory concerns weighed on the stock.
Global News
▪ Asia-Pacific markets fell on Friday after U.S. President Donald Trump confirmed that tariffs on imports from Mexico and Canada will be going ahead and taking effect next week.
▪ Gold fell toward $2,850 per ounce, heading for its biggest weekly drop since November, amid a stronger dollar and as markets have continued to price in only two Fed rate cuts this year as inflation remains above the 2% target.
▪ The yield on the 10-year US Treasury note dropped to 4.25% on Friday, its lowest in over two months, as markets weighed economic data against concerns of tariffs and spending cuts. US personal spending unexpectedly fell in January, while income rose.
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