Market Outlook 27th February 2024

Previous Market Review:

● In the most recent market update, Indian headline indices experienced a
consecutive decline on Monday, primarily influenced by selling pressure in IT,
metals, and pharma stocks.
● The Nifty closed at 22,122, witnessing a decrease of 91 points or 0.41%,
while the 30-stock S&P BSE Sensex dropped over 350 points or 0.48% to
settle at 72,790.
● Meanwhile, U.S. stocks recorded modest losses on the same day. The rupee,
tracking market volatility, gained 3 paise to settle at 82.88 against the US
dollar.

Pre-Market Analysis:
● Ahead of Tuesday's trading, GIFT Nifty on the NSE IX indicated a positive
start for Dalal Street, trading higher by 62.50 points or 0.28% at 22,153.50.
● In Tokyo, stocks opened higher despite Wall Street falls, with the Nikkei 225
index up 0.16%, and the Topix index adding 0.17%.
● The dollar showed weakness as markets anticipated key U.S. economic data.
● Oil prices increased, marking the third consecutive day of gains, while Asian
shares faced challenges.
● Gold prices remained steady ahead of crucial U.S. inflation data.

Current Market Overview:

● In the pre-open session, Sensex was down 20 points, with Nifty below 22,080.
● In the early session, Sensex fell over 80 points, with Nifty below 22,100.
Noteworthy stock movements included a 3% gain for Ease My Trip and a 5%
drop for Whirlpool.
● The rupee maintained stability at 82.88 against the US dollar. There are signs
of fatigue in the market rally, particularly in the broader market.
● Asian shares exhibited mixed trends, and U.S. futures edged lower, while oil
prices continued to advance.
● In Tokyo, stocks inched up, setting a new all-time high for the Nikkei index.
● The mid-market session saw Sensex jumping 300 points.
● European shares slightly increased on Tuesday.
● Gold prices rose as the dollar softened, with investors eagerly awaiting a
crucial U.S. inflation report.
● Notably, sustained buying by DIIs, amounting to Rs 21,700 crores in February,
has outweighed FII selling, reflecting the market's resilience and its ability to
reach new highs despite FII selling pressure.
● At the closing bell, the Sensex snapped its two-day losing streak, surging by
305 points, while the Nifty approached the 22,200 mark. Notably, RailTel and
BEML each saw a remarkable surge of 10%.