Stock Market News: GIFT Nifty Indicates Positive Start for Indian Indices

The Indian stock market ended flat on April 5, 2024 after the Reserve Bank of India (RBI) in its monetary policy committee (MPC) meet kept the key repo rate unchanged at 6.5 percent. At close, the Sensex was up 20.59 points or 0.03 percent at 74,248.22. Nifty ended the session, down 1 point at 22,513.70. Around 2134 stocks advanced and 1353 shares declined while 101 stocks remained unchanged. Among sectors, Bank, FMCG and Realty were up 0.5-1.5 percent, while Information Technology and Media shed 0.4 percent each.

GIFT Nifty

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

US Markets

US stocks finished higher on Friday after a strong jobs report reinforced the view that the economy remains healthy even as it suggested the Federal Reserve could delay cutting interest rates. The Dow Jones Industrial Average rose 307.06 points, or 0.80 percent, to 38,904.04, the S&P 500 gained 57.13 points, or 1.11 percent, to 5,204.34 and the Nasdaq Composite gained 199.44 points, or 1.24 percent, to 16,248.52, according to a Reuters report.

Asian Markets

Asia-Pacific markets were mixed ahead of central bank decisions this week, with investors also awaiting inflation numbers from the US and China. Japan’s Nikkei 225 rebounded to cross the 39,000 mark, gaining 1.54%, while the broad-based Topix rose 1.33%. South Korea’s Kospi gained 0.12%, while the small-cap Kosdaq saw a loss of 1.28%. In Australia, the S&P/ASX 200 was up 0.19%. Hong Kong’s Hang Seng index fell 0.71%, according to a CNBC.com report.

Also read: RBI MPC: Repo Rate Unchanged at 6.5%; GDP Growth Projected at 7%

Stocks in the news

• Nestle India: The firm has approved increasing royalty payment to its parent firm by 0.15 percent annually for the next five years, thereby enhancing it to 5.25 percent of net sales.
• Dr Reddy’s Laboratories: The pharma company has entered into a partnership with Bayer to market and distribute a second brand of Vericiguat in India.
• Cochin Shipyard: The firm has signed the Master Shipyard Repair Agreement (MSRA) with the United States Navy.
• Wipro: Chief Executive Officer and Managing Director Thierry Delaporte of Wipro resigned from his position on April 6. The software major has appointed Srinivas Pallia as the CEO and MD of the company.
• BSE: The Bombay Stock Exchange (BSE) said it would be implementing a limit price protection (LPP) mechanism in its equity derivatives segment, effective April 16, 2024, to strengthen pre-trade risk control measures.
• Gland Pharma: The firm has received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate injection. It expects to launch this product in the near term through its marketing partner.
• Vodafone Idea: The telecom firm has received approval from its board of directors for fund-raising up to Rs 2,075 crore from Oriana Investments, an Aditya Birla Group entity.
• Greaves Cotton: Greaves Retail, the retail unit of Greaves Cotton, has entered into a strategic technology transfer and supply agreement with Tsuyo Manufacturing, the Indian company specializing in electric vehicle components.
• RITES: The company has signed an MoU with the Indian Institute of Technology, Madras (IIT-Madras) to collaborate on green energy projects in the field of transport and mobility.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,659.27 crore. Domestic institutional investors (DIIs) sold Rs 3,370.42 crore worth of stocks on April 5, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added Bandhan Bank to the F&O ban list for April 8, while retaining Hindustan Copper, SAIL and Zee Entertainment Enterprises to the said list.

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