Stock Market News: GIFT Nifty Indicates Positive Opening

The BSE Sensex plunged 456 points to 72,944 on April 16, 2024 while the Nifty 50 was down 125 points to 22,148. Around 2,218 stocks advanced and 1,464 shares declined while 105 stocks remained unchanged. The Nifty IT index plunged 2.6 percent, the largest decline among sectoral indices, trailed by the Nifty PSU Bank and Nifty Bank indexes, down 1.3 percent and 0.6 percent, respectively.

On the upside, the Nifty Media gained the most, rising 1.57 percent, followed by the Nifty Oil & Gas and the Nifty Pharma, which increased 0.6 percent and 0.4 percent, respectively.

GIFT Nifty

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

US Markets

US stocks closed lower on Wednesday as crude prices tumbled and investors weighed cautious US Federal Reserve commentary and ongoing geopolitical strife against mixed quarterly earnings. Benchmark U.S. Treasury yields and the dollar eased back from multi-month highs, while gold backed down from its all-time high. All three major US stock indexes ended the session in the red, with the tech shares dragging the Nasdaq down 1.15%.

The Dow Jones Industrial Average fell 45.66 points, or 0.12%, to 37,753.31. The S&P 500 lost 29.2 points, or 0.58%, to 5,022.21. The Nasdaq Composite dropped 181.88 points, or 1.15%, to 15,683.37, according to a Reuters report.

Asian Markets

Asia-Pacific markets were mixed on Thursday, following Wall Street’s overnight losses which saw the S&P 500 and the Nasdaq Composite fall for a fourth straight day. Australia’s S&P/ASX 200 climbed 0.45%, ahead of the unemployment reading. Japan’s Nikkei 225 slipped 0.82%, on pace for a fourth straight day of losses, while the broad based Topix dropped 0.38%. In contrast, South Korea’s Kospi rebounded from Wednesday’s losses, advancing 1.04%. The small-cap Kosdaq gained 1.16%, according to a CNBC.com report.

Also read; What is Intraday Trading?

Stocks in the news

• Zee Entertainment Enterprises: The National Stock Exchange on April 16 has decided to remove the media and entertainment company from the Futures & Options segment, with effect from June 28. Meanwhile, ZEEL has decided to withdraw the merger implementation application filed before the National Company Law Tribunal (NCLT), Mumbai bench against Sony.
• Power Grid Corporation of India: Power Grid has been declared as the successful bidder to establish inter-state transmission system in Gujarat and Rajasthan.
• Adani Enterprises: Mumbai Travel Retail, a step-down subsidiary of Adani Enterprises, has completed the incorporation process of a joint venture company namely King Power Ospree Pte (KPO) in Singapore, with KING Power international Pte, Singapore, for retail and wholesale business.
• Brigade Enterprises: The Bengaluru-based real estate developer has recorded pre-sales of Rs 6,013 crore in FY24 and Rs 2,243 crore in Q4 FY24, the highest ever for both in terms of a quarter as well as financial year.
• Sunteck Realty: The real estate company had pre-sales of Rs 678 crore in Q4 FY24, up 26 percent on YoY basis. Its FY24 pre-sales stood at Rs 1,915 crore, a growth of 20 percent on a YoY basis.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 4,468.09 crore, while domestic institutional investors (DIIs) purchased Rs 2,040.38 crore worth of stocks on April 16, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added Vodafone Idea to the F&O ban list for April 18, while retaining Balrampur Chini Mills, Bandhan Bank, GNFC, Hindustan Copper, Metropolis Healthcare, National Aluminium Company, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list.

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