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M&M Faces Pressure, CDSL Rises on NSDL IPO Buzz, Burmans Take Control of Religare
M&M Faces Pressure, CDSL Rises on NSDL IPO Buzz, Burmans Take Control of Religare
Written by - Fisdom Research
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February 21, 2025
2 minutes
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Market Snapshot
The Indian markets ended lower for the third consecutive session on February 20, with the Nifty managing to close just above 22,900 despite significant intraday volatility.
Broad-based buying in auto, metal, oil & gas, media, power, realty, and PSU bank stocks, which gained 1-2%, helped offset some of the losses.
However, the banking sector was under pressure, with the bank index declining by 0.5%, dragging down the overall market sentiment.
IT and banking stocks were the only pockets of strength, as other sectors faced selling pressure. The broader indices showed resilience, contributing to a partial recovery from the day’s lows.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY METAL
1.0
NIFTY BANK
-0.7
NIFTY CONSUMER DURABLES
-0.4
NIFTY PRIVATE BANK
-0.7
NIFTY FINANCIAL SERVICES
-0.5
NIFTY IT
-0.8
NIFTY FMCG
-0.5
NIFTY OIL & GAS
-1.1
Top News
Mahindra & Mahindra shares fell 6% on February 21, marking their steepest weekly drop in five years, amid concerns over rising EV competition, stock overvaluation, and its recent decision to invest in the rights issues of its subsidiaries MMFSL and Mahindra Life.
CDSL shares gained as its peer NSDL prepares to launch a ₹3,000 crore IPO by next month, with major stakeholders like NSE, SBI, and HDFC Bank planning to offload shares through an offer for sale (OFS).
Religare Enterprises surged over 9% after the Burman family secured majority control, officially becoming promoters, following a ₹2,116 crore open offer, despite receiving a lukewarm market response.
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
22,700
23,100
Bank Nifty
48,500
50,000
Top Gainers and Losers
Top Gainers
% Change
Top Losers
% Change
HINDALCO
2.1
M&M
-6.2
TATASTEEL
1.9
ADANIPORTS
-2.7
EICHERMOT
1.6
BPCL
-2.7
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