POST-MARKET SUMMARY 3rd February 2025

On February 3, Indian equities declined, mirroring losses in global markets after U.S. President Donald Trump announced new tariffs on key trading partners, including Canada, Mexico, and China. Read more on it here: Budgeting for a Trade War: How Trump’s Tariffs Impact India 

Among sectors, Nifty IT gained 0.7%, pharma edged up 0.1%, while defence dropped 5.1%, energy declined 3%, and oil & gas fell 2%. 

NIFTY:  The index opened 163 points lower at 23,319 and made a high of 23,381 before closing at 23,361. Nifty has formed a small bullish hammer candlestick pattern on the daily chart. Its major resistance level is now placed at 23,400 while major support is at 23,270. 

BANK NIFTY: The index opened 432 points lower at 49,075 and made a high of 49,373 before closing at 49,210. Bank Nifty has formed a bullish candle on the daily chart. Its major resistance level is now placed around 49,400 while major support is around 48,900.

Stocks in Spotlight

▪  Metro Brand: Stock jumped nearly 8% intraday marking its biggest rise in seven months. The rally followed the Union Budget announcement, which introduced incentives for the footwear industry and adjustments to income tax slabs for the middle class.

▪  Lupin: Stock declined nearly 2%, despite receiving no observations from the USFDA following the completion of its pre-approval inspection.

▪  GR Infra Projects: Stock fell almost 5% following a mixed quarterly performance report and the Union Budget announcement, which included a new asset monetization plan and a partial credit guarantee scheme for infrastructure corporate bonds, potentially impacting the company's prospects.

Global News 

▪  Gold prices erased early losses on Monday, staying near record highs as safe-haven demand rose amid growth and inflation concerns sparked by U.S. President Donald Trump's tariffs on Mexico, Canada, and China.

▪  European & Asian shares fell on Monday, joining a global selloff amid fears that President Trump's latest tariffs could trigger a broader trade war.

▪  Crude oil prices rose after Trump imposed 25% tariffs on most Canadian and all Mexican exports. Brent crude traded at $76.16 per barrel, and WTI at $73.75, rebounding from two weeks of losses.

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