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

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by Sandip Das on 22 February 2024,  4 min read

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The Indian stock market slipped in the red even after Nifty hit new highs on February 21, 2024. At close, Sensex declined 434 points at 72,623.09 while Nifty shed 141 points and ended the session at 22,055.05.

On the sectoral front, all other indices are trading in the red except for realty and PSU Bank. Both BSE Midcap and Smallcap indices fell 1 percent each.

Around 885 stocks advanced and 1673 declined while 77 stocks remained unchanged.

GIFT Nifty
US Markets

The S&P 500 and Dow Jones industrials eked out small gains on Wednesday, while the Nasdaq closed lower for a third straight session as investors awaited the release of Nvidia’s earnings that could determine near-term momentum for equities.

The S&P 500 climbed 0.13% to end the session at 4,981.80 points. The Nasdaq declined 0.32% to 15,580.87 points, while the Dow Jones Industrial Average rose 0.13% to 38,612.24 points, according to a Reuters report.

Also read: Gensol Engineering, IPCA Labs Top 2 Stocks That can Fetch Up to 17% Return
Asian Markets

Japan’s Nikkei hit record highs on Thursday with investors shrugging off dismal business activity data from the country. Other Asia-Pacific markets traded in the green. The Nikkei 225 hit 38,924.88, surpassing the previous record high of 38,915.87 reached in 1989, according to a CNBC report.

Stocks in news
  • Reliance Industries: A consortium backed by Mukesh Ambani’s Reliance Industries and India’s top engineering schools aims to launch its first ChatGPT-style service in March. The BharatGPT group offered a sneak peek of the large language model.
  • LTIMindtree: The company has signed a MoU with Eurolife FFH to set up Gen Al and digital hubs in Europe and India. The facilities will be developed in Poland, Europe, and Mumbai. Eurolife FFH will set up the Generative Al and Digital Hub in Athens to develop innovative solutions for insurance businesses in Greece, and LTIMindtree will provide deep domain expertise and support from its dedicated facilities in Poland and Mumbai.
  • NBCC (India): The firm received an in-principle approval from the Greater Noida Authority to develop five Amrapali projects, valued at approximately Rs 10,000 crore.
  • JSW Steel: The company plans to borrow $750 million for capital expenditure purposes as it targets a major capacity expansion.
  • Brigade Enterprises: The company announced it signed a joint development agreement with PVP Ventures to develop a 2.5 million-square-foot high-rise residential project spread across 16 acres in Perambur, Chennai, with a revenue potential of about Rs 2000 crore. The company’s subsidiary, Brigade Hotel Ventures, has signed a 45-year lease agreement with the landowners to build a 250-room resort on East Coast Road (ECR) in Chennai.
  • Homefirst Finance: The company announced it received a corporate agent (composite) license from IRDAI for soliciting life, general, and health insurance. The company will be able to solicit insurance products from its customers as a corporate agent.
  • Jubilant FoodWorks: The firm plans to open four Popeye stores within a week in Delhi-NCR and expects it to become the fastest quick-service restaurant brand to reach Rs 1,000 crore in India in the next three to four years.
FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 284.66 crore. Domestic institutional investors (DIIs) sold Rs 411.57 crore worth of stocks on February 21, provisional data from the NSE showed.

Stocks under F&O ban on NSE

The NSE has added Ashok Leyland, Piramal Enterprises, and PVR INOX to the F&O ban list for February 22.

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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