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

The Indian stock market ended on a positive note on February 2, 2024, but closed off a record high. At close, Sensex was up 440 points at 72,085 while Nifty added 156 points and ended the session at 21853.

Around 1356 stocks advanced and 1164 declined and 103 stocks remained unchanged.

Among sectors, the oil & gas index was up 4 percent while Information Technology, metal, realty, and power indices gained 1-2% each. On the other hand, the banking index shed 0.5 percent.

GIFT Nifty

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

US Markets

US stocks ended sharply higher on Friday and the S&P 500 registered an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy, even while lowering the likelihood that the Federal Reserve will cut interest rates any time soon, according to a Reuters report.

The S&P 500 climbed 1.07% to end the session at 4,958.61 points. The Nasdaq gained 1.74% to 15,628.95 points, while Dow Jones Industrial Average rose 0.35% to 38,654.42 points.

Asian Markets

Asian shares fell on Monday and the dollar climbed after a robust US jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve, while stocks in China stocks remained on the back foot on weak sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1% at the start of the week. Japan’s Nikkei rose 0.5%.

Stocks in the news

• Aurobindo Pharma: The United States Food and Drug Administration (US FDA) inspected Unit-III, a formulation manufacturing facility of Eugia Pharma Specialities, a wholly owned subsidiary of Aurobindo Pharma in Telangana. The US FDA closed its inspection with nine observations for the said unit.
• Cochin Shipyard: The firm has entered into a contract with the Indian Navy for the medium refits of two Indian naval vessels. This multiple-refinance contract was worth Rs 150 crore. Its scope of work includes dry-docking and refit as well as upgrading equipment on board the ships.
• TVS Motor Company: The company reiterated its commitment to invest Rs 5,000 crore towards the design, development, and deployment of future technologies across products.
• Bajaj Finance: The company has entered into a Securities Subscription Agreement or Shareholders’ Agreement to acquire a 7 percent stake (on a fully diluted basis) in RMBS Development Company.
• KPI Green Energy: KPIG Energia, a wholly owned subsidiary of KPI Green Energy, has received a new order of 15 MW for executing a solar power project under the captive power producer (CPP) segment from Aether Industries. The projects are scheduled to be completed in FY25, in various tranches.
• Zee Entertainment: The Singapore International Arbitration Centre (SIAC) has denied interim relief to Culver Max, which operates Sony Pictures Networks India, and Bangla Entertainment, against Zee Entertainment Enterprises’ plea before the National Company Law Tribunal (NCLT) seeking the implementation of the merger scheme, as per a regulatory filing.
• Eicher Motors: Eicher Trucks and Buses, a division of VE Commercial Vehicles, has announced its entry into the Small Commercial Vehicle (SCV) segment with the Global Unveil of its EVFirst Eicher Truck at Bharat Mobility Global Expo 2024.

Also read: Italian Edibles IPO: Check Out Price Band, Lot Size & More

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 70.69 crore. Domestic institutional investors (DIIs) purchased Rs 2,463.16 crore worth of stocks on February 2, provisional data from the NSE showed.

Bulk Deals

• One 97 Communications Ltd: Morgan Stanley Asia (Singapore) Pte.- Odi bought 50,00,000 shares at Rs 487.2
• Swan Energy Limited: 2I Capital Pcc sold 25,00,000 shares at Rs 657.27
• Pricol Limited: Societe Generale bought 8,24,704 shares at Rs 408.05
• Tourism Finance Corp: Quant Mutual Fund bought 6,00,000 shares at Rs 208.57
• PB Fintech: PI Opportunities Fund II sold 46,43,528 shares at Rs 985.07

Results today

Bharti Airtel, Alembic Pharmaceuticals, Ashok Leyland, ASK Automotive, Sun Pharma Advanced Research Company, Bajaj Electricals, Barbeque-Nation Hospitality, Ideaforge Technology, Tata Chemicals, Triveni Turbine, Varun Beverages, and Vijaya Diagnostic Centre.

Stocks under F&O ban on NSE

The NSE has added Hindustan Copper to the F&O ban list for February 5

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.