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

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by Sandip Das on 21 February 2024,  5 min read

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The Indian stock market ended on a positive note on February 20, 2024. Nifty hit a fresh record high touching the 22,000 mark for the first time. At close, Sensex was up 349 points at 73,057.40 while Nifty gained 74 points and ended the session at 22,196.95.

Around 1255 stocks advanced and 1290 declined while 101 stocks remained unchanged.

On the sectoral front, Bank, Media, power, and Realty were up 1-3 percent each. Auto, IT, and Metal indices shed 1 percent each.

GIFT Nifty

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

US Markets

US stocks ended lower on Tuesday. Nasdaq showed the largest declines as chipmaker Nvidia stumbled ahead of its highly awaited earnings report. On the other hand, gains in Walmart kept losses on the Dow Industrials in check.

The S&P 500 lost 30.06 points, or 0.60%, to end at 4,975.51 points. The Nasdaq Composite lost 144.87 points, or 0.92%, to 15,630.78. The Dow Jones Industrial Average fell 64.19 points, or 0.17%, to 38,56.80.

Asian Markets

Asia-Pacific markets traded mixed following Wall Street losses Wednesday, as investors assessed Japan’s trade data and souring business sentiment among large manufacturers. Japan’s Nikkei 225 lost 0.32% after Japanese manufacturers’ business confidence tumbled to -1 in February, according to a CNBC report.

Also read: Gensol Engineering, IPCA Labs Top 2 Stocks That Can Fetch Up to 17% Return
Stocks in the news
  • Government to invest around Rs 44,000 crore in nuclear power: The government is in talks with at least five private firms including Reliance Industries (RIL), Tata Power, Adani Power, and Vedanta to invest around Rs 44,000 crore each in nuclear power, a non-carbon-emitting energy source that contributes less than 2% of India’s total electricity generation.
  • Thermax: The company has entered into a license and technical assistance agreement with South Korea-based Flowtech Co. to obtain technology to manufacture polycarboxylate ether products to strengthen its construction chemicals business portfolio.
  • Wipro: The IT firm launched Wipro Enterprise Artificial Intelligence (AI)-Ready Platform, a new service that will allow clients to create their enterprise-level, fully integrated, and customized AI environments. The Wipro Enterprise AI-Ready Platform leverages the IBM Watsonx AI and data platform.
  • BLS E-Services: Renault India has signed a Memorandum of Understanding (MoU) with BLS E-Services to enhance the French marque’s presence in rural India. Renault says this partnership will help boost the reach and accessibility of its recently updated lineup among customers in the rural market.
  • Ashok Leyland: The auto firm will be setting up a new integrated commercial vehicle plant focused on green mobility in Uttar Pradesh.

Hindalco Industries: Novelis Inc., a wholly-owned subsidiary of Hindalco Industries has filed for an IPO in the US.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,335.51 crore. Domestic institutional investors (DIIs) purchased Rs 1,491.33 crore worth of stocks on February 20, provisional data from the NSE showed.

Bulk Deals
  • Tourism Finance Corp: Aditya Kumar Halwasiya bought 11,802,094 shares at Rs 209.75
  • Jindal Saw Limited: Eriska Investment Fund Ltd sold 23,50,000 shares at Rs 521
  • Tourism Finance Corp: Varanium India Opportunity Ltd sold 30,97,461 shares at Rs 209.75
  • Deepak Fertilisers Ltd: BNP Paribas Arbitrage sold 9,50,555 shares at Rs 531.16
  • Tijaria Polypipes Ltd: Bank Of India sold 1,77,139 shares at Rs 7.87
  • Deepak Fertilisers Ltd: BNP Paribas Arbitrage bought 22 shares at Rs 527.43
  • Whirlpool: Whirlpool Mauritius Limited sold 3,03,89,239 shares at Rs 1277.02. SBI Mutual Fund bought 43,40,000 shares at Rs 1276.99. Also, SBI Mutual Fund bought 40,40,000 shares at Rs 1276.99. Aditya Birla Sunlife Mutual Fund bought 8,88,888 shares at Rs 1277. Societe Generale Odi bought 8,65,000 shares at Rs 1277. Nippon India Mutual Fund bought 7,97,500 shares at Rs 1277. SBI Mutual Fund bought 7,70,000 shares at Rs 1276.99. DSP Mutual Fund bought 7,14,974 shares at Rs 1277. ICICI Prudential Mutual Fund bought 6,49,656 shares at Rs 1276.99.
Stocks under F&O ban on NSE

The NSE has added Balrampur Chini Mills, GMR Airports Infrastructure, GNFC, and RBL Bank to the F&O ban list for February 21

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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