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

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by Sandip Das on 23 February 2024,  5 min read

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The Indian stock market ended in the green recovering intraday losses on February 22, 2024. At close, Sensex jumped 535 points at 73,158.24. Nifty gained 162 points, hitting a new high and closing the session at 22,217.45, as per data available on BSE and NSE.

Around 1412 stocks advanced and 1116 stocks declined while 115 stocks remained unchanged.

On the sectoral front, Auto, Capital Goods, Metal, Power, Information Technologies and Telecom were up 1 percent each. However, the banking index ended marginally lower, down 0.21 percent.

GIFT Nifty

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

US Markets

Computing infrastructure company Nvidia Corp shares had a strong gap up opening and hit a fresh record high on February 22 after its quarterly earnings came in better than analysts’ expectations, lifting the mood at Nasdaq 100 and S&P 500 indices, according to a Reuters report.

The rally in Nvidia aided the strong rally in the Nasdaq 100, which jumped 2.5 percent or 388 points to 15,968. At the same time, the Dow Jones Industrial Average was up 0.71 percent or 274 points at 38,887. S&P 500 rose 85 points or 1.7 percent to 5,067.

Also read: GPT Healthcare IPO: Top Things To Know Before Subscribing To The Issue
Asian Markets

Asia-Pacific markets inched higher Friday, with investors awaiting data on China’s property prices to assess any signs of improvement in the debt-laden real estate sector. Japan stocks were closed for trading on Friday for the Emperor’s Birthday holiday. Japan markets led gains in the previous session, with the Nikkei 225 closing at a new all-time high of 39,098.68. It surpassed the previous record of 38,915.87 set in 1989. South Korea’s Kospi gained 0.4%, according to a CNBC.com report.

Stocks in the news
  • Oil India: The company has signed a Memorandum of Understanding (MoU) with Fertilisers and Chemicals Travancore (FACT), a public sector company, to explore opportunities in the domain of green hydrogen, including green ammonia, green methanol, and other derivatives.
  • Tata Elxsi: the company through its NEURON product suite, announced a strategic partnership with Accuknox, the developer of NIMBUS. This strategic partnership helps operators roll out secure 5G networks with inline mitigation and makes the network future-ready for 6G.
  • Olectra Greentech: The Consortium of Olectra Greentech and Evey Trans (EVEY) has received a Letter of Award (LOA) from Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for the supply, operation, and maintenance of 2,400 electric buses on a gross cost contract basis. These buses, valued at Rs 4,000 crore, will be delivered in 18 months.
  • IRCTC: The firm has tied up with Bundl Technologies (Swiggy Foods) for the supply and delivery of pre-ordered meals through the IRCTC e-catering portal as a proof of concept in the first phase at four railway stations.
  • Bajaj Auto: The auto firm has made a further investment of Rs 45.75 crore in Yulu Bikes, which is India’s largest shared electric two-wheeler mobility company.
  • Ramkrishna Forgings: The company has received board approval for the commencement of manufacturing and supplies from the company’s Mexico location. The board has also approved an investment of up to Rs 90 crore to establish a facility to manufacture components in the PV/LV segment.
  • Sona BLW Precision Forgings: The company has received certification for one of its products, i.e., hub wheel drive motors for electric two-wheelers, under the production-linked incentive (PLI) scheme for the automobile and auto component industry in India (PLI-Auto), from the Ministry of Heavy Industries for availing of the benefits and incentives under the PLI Scheme.
FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,410.05 crore. Domestic institutional investors (DIIs) bought Rs 1,823.68 crore worth of stocks on February 22, as per data from NSE showed.

Bulk Deals
  • RBL Bank Limited: Mathew Cyriac bought 32,75,000 shares at Rs 265.58
  • Samhi Hotels Limited: Sarvara Investment Fund I sold 25,50,000 shares at Rs 205.58
  • Eureka Forbes: Lunolux Limited sold 1,93,47,924 shares at Rs 506.06. Goldman Sachs Funds – Goldman Sachs India Equity Portfolio bought 23,45,220 shares at Rs 504.95. Morgan Stanley Asia Singapore Pte bought 19,44,294 shares at Rs 504.95. Hill Fort India Fund LP bought 19,30,000 shares at Rs 504.95. Societe Generale bought 13,81,840 shares at Rs 504.95. BoFa Securities Europe Sa bought 11,50,056 shares at Rs 504.95. Aditya Birla Sun Life Insurance Company Limited bought 10,89,198 shares at Rs 504.95.
  • Hazoor: Amicorp Capital Mauritius Limited bought 1,70,000 shares at Rs 430.55
Stocks under F&O ban on NSE

The NSE has added Aditya Birla Fashion & Retail, and SAIL to the F&O ban list for February 23.

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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