POST-MARKET SUMMARY 9th February 2024

On February 9, equity benchmarks, namely the Sensex and the Nifty, concluded with slight gains amidst a volatile day of trading as investors awaited additional triggers. Banks witnessed purchasing during declines, whereas the metals and realty sectors experienced selling pressure. The sectoral landscape displayed a mixed performance. Following a day of substantial selling, Nifty Bank regained buyers, surging by 1.38%. This was trailed by an approximately 1% increase in Nifty Healthcare and a 0.5% uptick in Nifty Pharma. 

NIFTY:  The index opened flat at 21,727 and made a high of 21,804 before closing at 21,782. Nifty has formed a bullish candlestick with a lower shadow on the daily chart. Its immediate resistance level is now placed at 21,835 while immediate support is at 21,700. 

BANK NIFTY: The index opened flat at 44,986 and closed at 45,634. Bank Nifty has formed a long bullish candlestick on the daily chart. Its immediate resistance level is now placed at 45,900 while support is at 45,450.

Stocks in Spotlight

▪  Torrent Power:  Stock went down 2.6% a day after the company reported a 47% year-on-year decline in Q3 net profit hit by lower topline and dismal operating numbers with higher fuel cost.

▪  Bharti Airtel: Stock plunged 1.94% after the cabinet approved spectrum auctions in eight bands for mobile phone services. 

▪  Biocon: Stock fell 3% even after the company reported profits in the December quarter.

Global News

▪  The pan-European Stoxx 600 was up 0.1% in early afternoon deals, with sectors trading in mixed territory. Tech stocks were 1% higher, while food and beverage dropped 1.1%.

▪  Gold prices were subdued on Friday, hurt by a stronger dollar and higher Treasury yields, while investors looked ahead to next week’s U.S. inflation reading for clues on when the Federal Reserve could begin cutting interest rates.

▪  The dollar headed for a fourth weekly gain on Friday, pushing the yen to a 10-month low, as traders dialed back bets on how quickly the Bank of Japan might raise interest rates and how soon the Federal Reserve will cut them.

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