Stock Market News: GIFT Nifty Indicates a Positive Opening For Indian Indices

The Indian stock market is likely to open in the green tracking GIFT Nifty. Also, US Markets along with Asian peers were trading in the green with Japan’s Nikkei hitting the 40,000 mark for the first time. The Indian stock market ended on a robust note on March 1, 2024, as bulls dominated Dalal Street. Traders and investors cheered after the Indian economy grew 8.4 percent during the October-December quarter of the current financial year 2023-24 (Q3FY24). It remained the fastest-growing major economy in the world, according to gross domestic product (GDP) data released by the Statistics Ministry on February 29, 2024. At close, Sensex zoomed 1245 points at 73,745.35 while Nifty gained 336 points at 22,338.75.

Around 1,673 stocks advanced and 919 stocks declined while 94 stocks remained unchanged.

Among sectors, the Metal index was up 4 percent, while auto, bank, capital goods and oil & gas were up 2 percent each. On the other hand, the healthcare index shed 1 percent and the Information Technology index slipped 0.5 percent.

GIFT Nifty

Trends on GIFT Nifty indicate a positive opening for Indian indices.

Global Markets

US Markets

A global equity index scaled a record high while Treasury yields fell sharply on Friday. This comes after weak US economic data and comments from Federal Reserve officials bolstered expectations for interest rate cuts later this year.

The Dow Jones Industrial Average rose 90.99 points, or 0.23%, to 39,087.38. The S&P 500 gained 40.81 points, or 0.80%, to 5,137.08. The Nasdaq Composite gained 183.02 points, or 1.14%, to 16,274.94, according to a Reuters report.

Asian Markets

Asian share markets firmed on Monday as the Nikkei reached another new high and investors braced for a week packed with central bank events and major data that will refine market wagers for when interest rates will start falling.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2%, after snapping a five-week winning streak with a slight drop last week. Japan’s Nikkei climbed 0.8% to break 40,000 for the first time, according to a Reuters report.

Also read: Mukka Proteins IPO: Top Things to Know Before Subscribing to The Issue

Stocks in the news

• Asian Paints: A new water-based paint manufacturing facility will be established in Madhya Pradesh by Asian Paints, with an annual capacity of 4 lakhs KL. The estimated investment for this facility is Rs 2,000 crore.
• MOIL: The company achieved its best-ever February production of 1.51 lakh metric tons of manganese (Mn) ore, up 15 percent YoY, while sales at 1.56 lakh metric tons increased by 18 percent over a year-ago month.
• NTPC: The firm said the board has given investment approval for the Singrauli superthermal power project, Stage III (2×800 MW). The current estimated cost of the project is Rs 17,195.31 crore.
• SJVN: The company’s subsidiary SJVN Green Energy (SGEL) has bagged the 200 MW solar power project in the tariff-based competitive bidding conducted by Gujarat Urja Vikas Nigam at a tariff of Rs 2.66 per unit.
• Swan Energy: The firm has fully repaid its Rs 2,206 crore loan, including interest, to its consortium of banks. The group’s external debt, which was Rs 4,128 crore in September, has now reduced to Rs 1,675 crore.
• Godrej Properties: The realty firm has entered into definitive agreements to develop a township project on a 62-acre land parcel in North Bengaluru under a profit-sharing model. This project offers 5.6 million square feet of saleable area with an estimated booking value of Rs 5,000 crore. The company now expects to launch the first phase of development on this land in the upcoming financial year.
• KPI Green Energy: The firm has signed a power purchase agreement for a 200 MWAC (240 MWp) grid-connected solar photovoltaic power project.
• Patel Engineering: The company received a Letter of Acceptance (LOA) for a Rs 525.36 crore contract with a joint venture partner in Khammam City, Telangana, for the RCC Protection Wall Project. Patel Engineering’s share in the contract is Rs 267.93 crore.
• Finolex Industries: The firm has entered into a share purchase agreement and shareholder agreement with special purpose vehicle (SPV) Hinduja Renewables One (HROPL) and Hinduja Renewables Energy (HREPL) for the purchase of solar power under the captive power policy of the government.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 81.87 crore. Domestic institutional investors (DIIs) offloaded Rs 44.71 crore worth of stocks on March 2, provisional data from the NSE showed.

Bulk Deals

• Suven Pharmaceuticals Ltd: Abu Dhabi Investment Authority Stable bought 15,74,000 shares at Rs 698.15
• Mcleod Russel India Ltd.: Meru Investment Fund Pcc-Cell 1 bought 6,00,000 shares at Rs 35.5
• Sonu Infratech Limited: Nav Capital Vcc – Nav Capital Emerging Star Fund sold 54,000 shares at Rs 54.71

Stock under F&O ban on NSE

The NSE has retained Zee Entertainment Enterprises to the F&O ban list for March 4.

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.