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


by Sandip Das on 11 March 2024,  5 min read


The Indian stock market is likely to open on a cautious note tracking weak global cues. Trends on GIFT Nifty indicate a cautious start for the broader indices. The Indian stock market ended in the green on March 6, 2024, amid volatility. At close, Sensex gained 408 points at 74,085.99 while Nifty was up 117 points and ended the session at 22,474.05. Around 899 stocks advanced and 2,961 declined while 80 stocks remained unchanged. Among sectors, the Bank index was up 1 percent, and pharma and IT indices were up 0.7 percent each. On the other hand, oil & gas, power, and realty were down 1 percent each.

GIFT Nifty

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

Global Markets
US Markets

The S&P 500 and Nasdaq closed lower on Friday after touching record highs during the session, with high-flying chip stocks going into reverse and a mixed labor market report that showed more new jobs than expected with a rising unemployment rate.

The Dow Jones Industrial Average fell 68.66 points, or 0.18%, to 38,722.69. The S&P 500 lost 33.67 points, or 0.65%, to 5,123.69. The Nasdaq Composite lost 188.26 points, or 1.16%, to 16,085.11, as per a Reuters report.

Asian Markets

Asian share markets followed Wall Street lower on Monday. The dollar looked vulnerable ahead of a reading on US inflation that could hasten, or delay, the start of global rate cuts, according to a Reuters report.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3%, after hitting an eight-month peak on Friday. Japan’s Nikkei lost 1.2%, having scored a succession of all-time highs last week.

Also read: Shree Karni Fabcom IPO: Check Price Band, Issue Size & More
Stocks in the news
  • Rail Vikas Nigam: The company has received a Letter of Award (LoA) for a Rs 1,298.2-crore project from the Himachal Pradesh State Electricity Board for the development of distribution infrastructure in the south and north zones of Himachal Pradesh under the revamped reform-based and results-linked distribution sector scheme (loss reduction works).
  • Alembic Pharma: The United States Food and Drug Administration (US FDA) inspected Alembic Pharmaceuticals Oncology (injectable and oral solid) formulation facility (F-2) at Panelav on February 28 and March 8. The US FDA issued a Form 483 with four procedural observations.
  • KPI Green Energy: The firm received an order to develop a 305 MW solar power project in Gujarat, out of which 175 MW is awarded by the Aditya Birla Renewables subsidiary and 130 MW is awarded by ABREL (RJ) Projects. The project will be connected to the interstate transmission system (ISTS) network of the Central Transmission Utility (CTU).
  • SJVN Green Energy: The company has signed a power usage agreement (PUA) for 500 MW solar power and a power purchase agreement (PPA) for 100 MW solar power with Rajasthan Urja Vikas and IT Services (RUVITL).
  • Coal India: The company has executed a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) to explore various opportunities for securing power to meet the growing energy demand in Rajasthan.
  • Torrent Power: The company has received a letter of award from Maharashtra State Electricity Distribution Co. for setting up 306 MW grid-connected solar PV projects in Nasik, Maharashtra, with a tariff rate of Rs 3.10 per kWh. The project cost is Rs 1,540 crore.
FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 7,304.11 crore. Domestic institutional investors (DIIs) purchased Rs 2,601.81 crore worth of stocks on March 7, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added Tata Chemicals and SAIL to the F&O ban list for March 11,

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.

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