Get App
POST-MARKET REPORT
Benchmark indices extended their fall for a fifth session in a row on February 24, taking the Nifty 50 to the lowest level in the last eight months, led by selling in IT, Realty, and Telecom shares.
At close, the Sensex was down 856.65 points or 1.14 percent at 74,454.41, and the Nifty was down 242.55 points or 1.06 percent at 22,553.35. Nifty Mid and Smallcap indices shed 1 percent each.
The biggest Nifty losers were Wipro, HCL Technologies, Infosys, TCS, and Tata Steel, while gainers included M&M, Eicher Motors, Dr Reddy’s Labs, Hero MotoCorp and Kotak Mahindra Bank.
Except for Auto, Pharma, and FMCG, all other sectoral indices ended in the red with IT, metal, and telecom indices down 2 percent. The Nifty IT index has now fallen for 11 out of the last 12 sessions.
The broader market downturn extended into its second consecutive session on February 24, with the Nifty Midcap 100 and Nifty Smallcap 100 indices tumbling as much as 2 percent each.
STOCKS TODAY
Glenmark Pharma: Shares of Glenmark Pharma are higher by over 3.50 percent on February 24 following the pharma company settled anti-trust and consumer protection lawsuits against its US subsidiary. The company confirmed the settlement involving multiple antitrust and consumer protection lawsuits filed against the company and its US subsidiary. Glenmark USA has agreed to settle for a total of $7 million.
Inox India: Shares of Inox India fell despite the company becoming India’s first cryogenic equipment manufacturer to receive the prestigious IATF 16949 certification for cryogenic fuel tank manufacturing. The certification, issued by Bureau Veritas Certification covers the design and manufacturing of insulated cryogenic fuel tanks. The IATF 16949 certification, a mandatory requirement for automotive OEM suppliers, validates a company’s quality management standards in the automotive industry.
InterGlobe Aviation: Shares of InterGlobe Aviation continued its upward streak for the sixth consecutive session. Citi analysts placed the stock on a 90-day positive catalyst watch, raising the target price to Rs 5,200 from Rs 5,100, while reiterating a “buy” rating. They highlighted rising air traffic demand and IndiGo’s strong market share as key growth drivers.
Quality Power: The Stock disappointed investors with its subdued debut on the bourses, falling nearly 9 percent following weakness in the market. The company that provides high-voltage electrical equipment and solutions for grid connectivity and energy transition raised Rs 858.7 crore via an initial share sale of 2.02 crore shares at Rs 425 per share. The public issue saw a muted response from investors, who subscribed 1.29 times during February 14-18.
capital market stocks: Capital market stocks saw a sharp decline. The shares of Angel One were the top loser on the index, falling 3.42 percent, Nuvama shares followed, dropping over 3 percent. As markets continue to see a persistent decline, retail investors’ interest could be on the wane, which is considered a negative for the capital market stocks.