Stock Market News: GIFT Nifty Indicates a Flat Start For Indian Indices; IndusInd Bank, LTI Mindtree in Focus

The Indian stock market crashed on January 17, its biggest single-day fall in the last one and a half years. At close, Sensex tumbled 1628 points at 71500. Nifty fell 460 points and ended the session at the 21571 mark.

Among sectors, except Information Technology, all other indices ended in the red. The Bank index dipped 4 percent. Auto, metal, oil & gas, and realty were down 1-2 percent. The BSE Midcap and Smallcap indices shed 1 percent each.

Weak global sentiments amid geopolitical tensions along with concerns over delay in rate cuts after US Federal Reserve governor Christopher Waller warned that a pivot in the monetary policy may come slower than anticipated.

GIFT Nifty

GIFT Nifty indicates a flat opening for Indian indices with a loss of 9 points.

US Markets

US stocks followed their European counterparts to a lower close on Wednesday. The US Treasury yields resumed their uphill climb as robust economic data chilled bets that the Federal Reserve could begin reducing its policy rate as early as March. All three major US indexes finished the session lower, with interest rate-sensitive momentum stocks weighing heaviest on the tech-heavy Nasdaq, according to a Reuters report.

The Dow Jones Industrial Average fell 94.45 points, or 0.25%, to 37,266.67. The S&P 500 lost 26.77 points, or 0.56%, to 4,739.21. The Nasdaq Composite dropped 88.73 points, or 0.59%, to 14,855.62.

Asian Markets

Asia-Pacific markets were mixed on January 18 after stocks fell in the previous session, with mainland Chinese shares touching a near-five-year low. Australian markets extended their losses to a fifth straight day, with the S&P/ASX 200 falling 0.74 percent ahead of its unemployment data release. Japan’s Nikkei 225 rebounded, up 0.29 percent, while the Topix rose 0.28 percent. South Korea’s Kospi gained 0.12 percent.

Indian economy to grow at 7% in FY25: RBI Governor

The Reserve Bank of India (RBI) Governor Shaktikanta Das said that the Indian economy is likely to grow 7 percent in the next financial year 2024-25. “The government for structural reforms undertaken in recent years, saying they have boosted the medium and long-term growth prospects of the Indian economy,” Das said.

Recent information on the global economic front has been reassuring with inflation falling, though growth remains low, Das added.

Stocks in action

• NHPC: The Government of India will sell a 3.5 percent stake in NHPC via offer-for-sale (OFS), with a floor price of Rs 66 per share. The OFS comprises a base issue size of 2.5 percent and a green shoe option of 1 percent. OFS will open for non-retail investors on January 18 and for retail investors on January 19.
• Cochin Shipyard: The firm has opened a new dry dock and an international ship repair facility (ISRF) in Kochi. The new dry dock, costing Rs 1,799 crore, is set up at the existing premises of Cochin Shipyard in Kochi. The ISRF project, costing Rs 970 crore, is set up on 42 acres of the Cochin Port Authority leased premises at Willingdon Island, Kochi.
• Mahindra and Mahindra: Subsidiary Mahindra Aerostructures (MASPL) and Airbus Aerostructures GmbH have signed a contract for the manufacture and delivery of metallic components for all Airbus commercial aircraft models, including the best-selling A320 family. Under the contract, MASPL will supply close to 5,000 varieties of metallic components to Airbus in Germany from its manufacturing base in India.
• Adani Enterprises: The company has entered into a Memorandum of Understanding with the state government of Maharashtra for the establishment of a 1-gigawatt hyperscale data center worth Rs 50,000 crore.
• RailTel Corporation of India: The firm has received a work order amounting to Rs 82.4 crore from South Central Railway. The work order includes comprehensive ground infrastructure works for the provision of 4G LTE-R in 523 RKM of the Secunderabad division in South Central Railway.

Also Read: Union Bank, GSPL Top 2 Stocks Which Can Give Up To 14% Return

Results Today:

IndusInd Bank, Finolex Industries, IndiaMART InterMESH, Jindal Stainless, Mastek, Metro Brands, Polycab India, Poonawalla Fincorp, Ramkrishna Forgings, Shoppers Stop, South Indian Bank, Sterling and Wilson Renewable Energy, and Tata Communications.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 10,578.13 crore. Domestic institutional investors (DIIs) bought Rs 4,006.44 crore stocks on January 17.

Bulk Deals

• Pricol Limited: Tntbc As The Trustee Of Nomura India Stock Mother Fund bought 30,97,900 shares at Rs 343.5. Also, Fidelity Funds. India Focus Fund bought 30,70,947 shares at Rs 343.5. Aditya Birla Sun Life Insurance Company Limited bought 30,30,000 shares at Rs 343.5. ICICI Prudential Mutual Fund bought 37,45,000 shares at Rs 343.5. Tata Mutual Fund bought 17,49,300 shares at Rs 343.5. Goldman Sachs India Limited bought 14,90,024 shares.
• Jindal Saw: Cresta Fund Limited sold 18,00,000 at Rs 519 per share.

Stock under F&O ban on NSE

The NSE has added Indian Energy Exchange and SAIL to the said list.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.