POST-MARKET SUMMARY 7th February 2024

On February 7, the benchmark indices closed unchanged following a volatile session, with the Nifty unable to maintain its position above the 22,000 level despite starting above it. Early gains were eroded as investors turned their attention to the Reserve Bank of India's forthcoming monetary policy announcement scheduled for February 8. Notable sectoral movers included Nifty PSU Bank and realty, which saw increases of 2.86% and 1.84% respectively. Conversely, profit-booking was observed in the IT and auto sectors.

NIFTY: The index opened 116 points higher at 22,045 and made a high of 22,053 before closing at 21,930. Nifty has formed a bearish candlestick with lower shadow on the daily chart. Its immediate resistance level is now placed at 22,000 while immediate support is at 21,860.

BANK NIFTY: The index opened 254 points higher at 45,944 and closed at 45,818. Bank Nifty has formed an indecisive candlestick on the daily chart. Its immediate resistance level is now placed at 46,050 while support is at 45,600.

Stocks in Spotlight

▪  Trent Ltd:  Stock surged 19% after the retail player reported a consolidated net profit of Rs 370.6 crore for the December quarter, rising 39% from Rs 154.81 crore in the year-ago quarter.

▪  Delta Corp Ltd: Stock surged 11% on reports that the government could soften its stance on the retro goods and services tax (GST) demand notices issued to online gaming companies.

▪  IEX Ltd: Stock slumped 5% after the Central Electricity Regulatory Commission (CERC) ordered a shadow pilot on the market coupling of India's power exchanges.

Global News

▪  The pan-European Stoxx 600 was down 0.3% in early morning deals, with most sectors trading in negative territory. Oil and gas stocks were down 0.8%, while autos were up 1.3%.

▪  The dollar fell on Wednesday, further retreating from a nearly three-month high against the euro hit a day earlier, with a decline in U.S. bond yields adding to the pressure.

▪  Oil prices ticked higher on Wednesday, as growth in U.S. oil production is expected to remain largely steady through 2025, easing worries of excess supply.

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