Stock Market News: Sensex, Nifty Likely to Open Flat

The Indian stock market ended in the green on April 4, 2024 amid volatility. At close, Sensex added 350 points at 74,227.63 while Nifty ended the session at 22,514.65, up 80 points. Among the sectors, Bank, Power, Information Technology were up 0.5-1 percent, while PSU Bank and Oil & Gas index shed 0.7-1.6 percent. Around 2,461 stocks advanced and 1,387 declined while 99 stocks remained unchanged.

GIFT Nifty

Trends on GIFT Nifty indicate a flat start for Indian indices with investors eyeing RBI interest rate decision.

US Markets

The three major US stock indexes fell more than 1% each and the S&P 500 had its biggest daily percentage drop since February 13 on Thursday as Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, and investors braced for Friday’s US monthly jobs report.

The Dow Jones Industrial Average fell 530.16 points, or 1.35%, to 38,596.98. The S&P 500 lost 64.28 points, or 1.23%, to 5,147.21. The Nasdaq Composite dropped 228.38 points, or 1.4%, to 16,049.08, according to a Reuters report.

Asian Markets

Asia-Pacific markets fell on Friday, mirroring moves on Wall Street after comments from US Federal Reserve officials fueled worries that the central bank could hold off on rate cuts.

In Australia, the S&P/ASX 200 slipped 0.44% at the open. Japan’s Nikkei 225 was down 1.59% after briefly crossing the 40,000 mark on Thursday, while the broad based Topix was 1.15% lower. South Korea’s Kospi fell 0.79%, reversing gains after leading major Asian benchmarks on Thursday, while the small cap Kosdaq dropped 0.84%, according to a CNBC.com report.

Also read: BEL, Time Technoplast Top 2 Stocks Which Can Fetch Up To 16% Return

Stocks in the news

• Cipla: After the inspection, Cipla has received six inspectional observations in Form 483 from the US Food and Drug Administration (US FDA) for the Patalganga facility in Maharashtra.
• LTIMindtree: The company has signed a strategic partnership with Aforza (the cloud and mobile solutions company) to set up a training academy. They will deliver digital transformation in CRM and TPM across the consumer products industry.
• UltraTech Cement: The company announced the completion of a 100 MW solar energy project under the group captive scheme in Rajasthan. This is the company’s first project for sourcing power for its captive consumption from the inter-state transmission network.
• Hero MotoCorp: The auto firm has received notices for a tax demand of Rs 308.65 crore, coupled with interest of Rs 296.22 crore for six assessment year.
• Cello World: The company’s subsidiary Cello Consumer ware has commissioned its manufacturing facility in a phased manner in Rajasthan. Further, the glassware furnace coming up in the same facility will be operational by the end of Q1 FY25.
• Prestige Estates Projects: The firm has acquired 21 acres of prime land in Whitefield, Bengaluru, for Rs 450 crore.
• Rashi Peripheral: The firm won new orders from NMDC Data Centre Private Limited. These include two orders for supply of Information and Communication Technology (ICT) Products worth Rs1065.46 crore, and Rs 445.53 crore, respectively.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,136.47 crore. Domestic institutional investors (DIIs) offloaded Rs 893.11 crore worth of stocks on April 4, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has retained Hindustan Copper, SAIL and Zee Entertainment Enterprises to the F&O ban list for April 5.

Source: BSE, NSE

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