Benchmarks slip, broader indices rally; PSB, FMCG, IT stocks weigh

Stock market highlights on February 23, 2024: Asian Paints, Maruti Suzuki, HCL Tech, NTPC, SBI, TCS, JSW Steel, IndusInd Bank, Bharti Airtel, ITC, Axis Bank, and TCS were the top laggards

3:56 PM

Comment :: What all happened in the markets today?

The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services. As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

 

3:53 PM

Comment :: Key levels to watch on Nifty

Nifty opened higher but failed to sustain the morning momentum, leading to a closing at the day's low due to profit booking. However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips.

Views by: Rupak De, Senior Technical Analyst, LKP Securities.

3:51 PM

Comment :: Key levels to watch on Nifty Bank

The Bank Nifty index maintained its robust momentum, breaking past the 46,500 level, which is now established as a formidable support. Any retracement towards this support zone presents an ideal opportunity to initiate long positions, targeting an upside of 48,000.

The immediate hurdle for the index is situated at 47,100, and a conclusive break above this level would signify a resumption of the uptrend toward the mentioned targets of 48,000.

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:45 PM

Currency check :: Rupee ends 10 paise lower

3:42 PM

Broader markets :: Mid, SmallCap indices outshine, SmallCaps lead

3:41 PM

NIFTY HEATMAP :: Gainers and losers tussle on Nifty

3:39 PM

CLOSING BELL :: Nifty holds 22,200 despite volatility

3:37 PM

CLOSING BELL :: Sensex ends range-bound trade in the red

3:28 PM

ALERT :: Orchid Pharma receives approval by USFDA for ‘Enmetazobactam’

>> This USFDA approval paves the way for the introduction of Enmetazobactam in the United States, the largest pharmaceutical market in the world.

>> The product is expected to be launched within the next couple of quarters in the US market.

>> This New Drug Approval (NDA) allows the use of Exblifep (Cefepime and Enmetazobactam) as an injection for the treatment of patients 18 years and older with complicated urinary tract infections (UTI).

Source: BSE filing 
 

3:15 PM

ALERT :: Kalyani Steels signs MoU with Govt of Odisha to enter into defence component manufacturing