POST-MARKET SUMMARY 5th March 2025
On March 5, Indian benchmark indices staged a strong recovery, breaking a 10-day losing streak amid positive cues from Asian and European markets. The broader market indices outperformed, with a relief rally supported by broad-based buying, as all sectoral indices ended in the green, including notable gains in PSU Bank, media, telecom, metal, and power sectors.
NIFTY: The index opened flat at 22,073 and made a high of 22,394 before closing at 22,337. Nifty has formed a long bullish candle on the daily chart. Its immediate resistance level is now placed at 22,400 while its immediate support is at 22,290.
BANK NIFTY: The index opened flat at 48,241 and closed at 48,489. Bank Nifty has formed a bullish candle on the daily chart. Its immediate resistance level is now placed around 48,600 while immediate support is around 48,350.
Stocks in Spotlight
▪ Adani Wilmar: Stock surged 8% intraday after the announcement of a definitive agreement to acquire GD Foods Manufacturing, the company behind the 'Tops' brand. The acquisition will be phased, with an 80% stake bought initially and the remaining 20% over three years.
▪ Avanti Feeds: Stock surged 6% after its subsidiary entered India's pet food market with the launch of the "Avant Frust" cat food brand in Hyderabad, expanding beyond aquaculture.
▪ Tata Steel: Stock climbed almost 5% after China announced plans to restructure its steel industry, aiming to cut output and reduce cheap steel dumping in India, benefiting domestic producers.
Global News
▪ European stocks rose on Wednesday, fueled by optimism that U.S. President Trump’s 25% tariffs on Canada and Mexico may be eased. Additionally, expectations grew that Germany’s fiscal rules could be reformed to allow for increased defense and infrastructure spending.
▪ The dollar index fell 0.8% to 104.8 on Wednesday, a four-month low, amid rising concerns over the economic impact of new U.S. tariffs.
▪ The yield on the U.S. 10-year Treasury note hovered around 4.25%, staying near multi-month lows as traders evaluated the impact of the escalating trade war and its potential economic consequences.
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