Stock Market News: GIFT Nifty Indicates a Cautious Start for Indian Indices

The Indian stock market extended the morning gains and closed in the red on March 27, 2024. At close, Sensex was up 526 points at 72,996.31 while Nifty gained 119 points and ended the session at 22,123.65. Among sectors, auto, bank, capital goods, power, realty, and telecom were up 0.5-1 percent. Metal, IT, and media were down 0.3-0.5 percent. Around 1,531 stocks advanced and 2,308 declined while 110 stocks remained unchanged.

GIFT Nifty

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

US Markets

US stocks were higher on Wednesday, with the Dow leading gains and the S&P 500 setting a closing record, paced drugmaker Merck, while investors looked towards the next piece of inflation data and Federal Reserve commentary for signals on the rate path.

The Dow Jones Industrial Average rose 477.75 points, or 1.22% , to 39,760.08. The S&P 500 gained 44.91 points, or 0.86%, to 5,248.49. The Nasdaq Composite gained 83.82 points, or 0.51%, to 16,399.52, Reuters reported.

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Asian Markets

Asian markets were trading on a weak note on March 28 with Japan’s Nikkei down over 1 percent. Kospi shed 0.37 percent in the early hours of trade.

Stocks in the news

• Tata Elxsi: The company has announced a collaboration with Drager, a global leader in medical and safety technology, to advance critical care innovation in India.
• Dr Reddy’s Laboratories: The pharma company has entered into an exclusive distribution partnership with Sanofi Healthcare India to promote and distribute Sanofi’s vaccine brands, including pediatric and adult vaccines, in India.
• Biocon: The firm has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), UK, for its formulation, Liraglutide, which was filed through its European partner, Zentiva.
• Zydus Lifesciences: The US FDA has conducted an inspection at Zydus Lifesciences’ SEZ Onco Injectable manufacturing plant in Ahmedabad.
• Cyient: The company has signed a strategic partnership with Deutsche Aircraft, a German original equipment manufacturer.
• Bharat Heavy Electricals: The company has received an order from Adani Power for setting up the 2×800 MW Raigarh Phase-II thermal power plant at Raigarh, Chhattisgarh.
• Alkem Labs: The USFDA conducted an inspection at Alkem Laboratories’ manufacturing facility at Baddi.
• Balmer Lawrie: The firm has received approval from the board of directors for setting up a free trade warehousing zone in the special economic zone of the Jawaharlal Nehru Port Authority on 15 acres of land for Rs 230 crore.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 2,170.32 crore, while domestic institutional investors (DIIs) purchased Rs 1,197.61 crore worth of stocks on March 27, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added Hindustan Copper and Zee Entertainment Enterprises to the F&O ban list for March 28.

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