Share Market Today: GIFT Nifty Indicates a Cautious Start for Indian Indices

The Indian stock market ended deep in the red, down 1 percent on February 8, 2024. At close, Sensex was down 723.57 points at 71,428.43 while Nifty declined 212.55 points and ended the session at 21,717.95.

Around 1057 stocks advanced and 1512 stocks declined while 88 stocks remained unchanged.

Among sectors, auto, bank, realty, capital goods, and FMCG shed 0.6-2 percent each. Oil & gas, power, Information Technology, and PSU Bank index added 0.3-2 percent each.

GIFT Nifty

Trends on GIFT Nifty indicate a cautious start for Indian indices.

US Markets

Wall Street’s major indexes rose on Thursday with the S&P hovering near the 5,000-point milestone as investors reacted to earnings reports and US jobs data, and the US dollar gained.

The Dow Jones Industrial Average rose 48.97 points, or 0.13%, to 38,726.33, the S&P 500 gained 2.85 points, or 0.06%, to 4,997.91. The Nasdaq Composite gained 37.07 points, or 0.24%, to 15,793.72.

Asian Markets

Japanese shares hit 34-year highs on Friday. The Nikkei rose 1%, aided by a retreating yen that traded near its weakest in two months at 149.37 per dollar in the Asia morning. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat and heading toward a 0.7% weekly rise to notch its longest weekly winning streak since June, according to a Reuters report.

Stocks in the news

• Bharat Heavy Electricals (BHEL): The company has received an order from HPGCL (Haryana Power Generation Corporation) for setting up the 1×800 MW ultra-critical expansion unit at DCRTPP Yamuna Nagar. The contract value is more than Rs 5,500 crore.
• Indian Railway Catering and Tourism Corporation (IRCTC): The company has signed a MoU with the Government of Uttarakhand through the Uttarakhand Tourism Development Board (UTDB) for taking dedicated Bharat Gaurav tourist trains through IRCTC and operating the trains originating from different cities and stations of the country to Uttarakhand.
• Balmer Lawrie: The firm said it will establish a 200-kilo liters per day first-generation grain-based ethanol plant in Andhra Pradesh.
• TVS Supply Chain Solution: The firm has signed a settlement agreement about certain disputes. TVS Australia will make aggregate payments amounting to $6 million.
• EPIC Energy: The company has received a Letter of Award (LOA) for the supply, installation, and commissioning of a 54.6 KW grid-connected solar PV system with 3-phase inverters.
• One 97 Communications: The company is putting the finishing touches on a deal to acquire Bitsila, an interoperable e-commerce startup, sources said. Bengaluru-based Bitsila is currently the third-largest seller-side platform by transactions on the Open Network for Digital Commerce (ONDC), sources said

Also read: Can Fin Homes, Castrol India Top 2 Stocks Which Can Give Up To 19% Return

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 4,933.78 crore. Domestic institutional investors (DIIs) purchased Rs 5,512.32 crore worth of stocks on February 8.

Bulk Deals

• Kalyan Jewellers: Highdell Investment Limited sold 3,83,35,390 shares at Rs 339.59. Also Highdell Investment Ltd sold 2,24,55,000 shares at Rs 334. On the other hand, Motilal Oswal Mutual Fund A/C Motilal Oswal Midcap 30 Fund bought 1,79,36,898 shares at Rs 344.2. The Master Trust Bank Of Japan Limited AC Nomura India Investment Fund Mother Fund bought 1,30,59,079 shares at Rs 334.
• Goldman Sachs Funds – Goldman Sachs India Equity Portfolio bought 58,47,101 shares at Rs 334 while Nomura Funds Ireland Plc Nomura Funds Ireland India Equity Fund bought 54,25,997 shares at Rs 334.
• Avalon Technologies Ltd: Goldman Sachs Funds – Goldman Sachs India Equity Portfolio sold 14,93,822 shares at Rs 474.01. HDFC Mutual Fund bought 14,31,000 shares at
  Rs 474.
• Paradeep Phosphates Ltd: Goldman Sachs Funds – Goldman Sachs India Equity Portfolio sold 74,74,568 shares at Rs 76.05
• Indiabulls Housing Finance: Star Funds S.A. Sicav-Sif-Star International Fund sold 36,74,514 shares at Rs 42.73. The Vanguard Group Inc AC Vanguard Total International Stock Index Fund sold 31,64,223 shares at Rs 42.57. Vftc- Institutional Total International Stock Market Index Trust II sold 15,37,222 shares at Rs 42.57. Stichting Depositary Apg Emerging Markets Equity Pool sold 14,12,837 shares at Rs 42.28

Stocks under F&O ban on NSE

The NSE has added Aurobindo Pharma, Biocon, and Punjab National Bank to the F&O ban list for February 9.

Results today

Hero MotoCorp, Tata Power Company, Honasa Consumer, Zydus Lifesciences, Alkem Laboratories, Bandhan Bank, Campus Activewear, Cello World, DOMS Industries, Emami, Finolex Cables, Indian Railway Finance Corporation, MRF, The New India Assurance Company, Pfizer, PI Industries, Shree Renuka Sugars and Sundaram-Clayton.

Disclaimer: The content of this blog post is intended solely for informational purposes and should not be interpreted as investment or trading advice. The author does not assure the accuracy or completeness of the information presented. Any decisions or actions taken based on the content of this blog post are undertaken at your own risk.