Stock Market News: GIFTY Nifty Points to a Cautious Start; JSW Steel, NBCC in Focus

The Indian stock market ended the session on February 19, 2024, on a positive note with Nifty hitting an all-time high. At close, the Sensex was up 281.52 points or 0.39 percent at 72,708.16. Nifty was up 81.60 points or 0.37 percent at 22,122.30.

Around 2184 stocks advanced and 1243 shares declined while 123 stocks remained unchanged.

Among sectors, capital goods, IT metal, and realty ended in the red. Auto, bank, FMCG, healthcare, oil & gas, power were up 0.3 -1 percent.

GIFT Nifty

Trends on GIFT Nifty indicates a flat start for Indian indices.

Asian Markets

Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures. Japan’s Nikkei opened flat to stay below but close to topping its 1989 record high. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.1%. South Korean shares fell 1%, according to a Reuters report.

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

Stocks in the news

• JSW Steel: The company will be competing with global steel major Japan’s Nippon Steel and other major bidders to acquire a 20 percent stake in Australia’s Blackwater coal mine from Whitehaven Coal. Though companies are yet to decide on the final valuation, the deal is expected to be about $1 billion.
• Larsen & Toubro (L&T): The firm is preparing the ground to begin the commercial sale of electrolyzers in September, which would be 50 percent cheaper than its European counterparts.
• LTIMindtree: The company has launched Navisource.AI, a GenAI-powered autonomous sourcing platform. Using the power of an AI-driven pricing and negotiation engine, the platform aims to reduce overall procurement costs by 10–15 percent.
• NBCC India: The company has received three work orders worth Rs 369 crore, including infrastructure development works at Rani Lakshmi Bai Central Agricultural University at Jhansi and renovation and furnishing projects at ICAI Bhawan, Noida.
• Godrej Consumer Products: The FMCG firm along with one of its wholly owned subsidiaries, has agreed to divest its entire stake in its wholly owned subsidiary, Godrej East Africa Holdings, Mauritius, for $3.5 million.
• Deepak Fertilisers: The company has entered into a long-term supply agreement for liquefied natural gas (LNG) with Equinor, an international energy company headquartered in Norway. This agreement is for annual supplies of up to 0.65 million metric tons over 15 years, beginning in 2026.
• Zomato: The firm is gearing up for a significant expansion into the fast-growing direct-to-consumer (D2C) space through its 10-minute delivery platform, Blinkit, according to a report by the Economic Times (ET).

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 754.59 crore. Domestic institutional investors (DIIs) purchased Rs 452.70 crore worth of stocks on February 19.

Bulk Deals

• Sula Vineyards Limited: Verlinvest Asia PTE. Ltd. sold 7042275 shares at Rs 576.78. Mousserena LP sold 2900000 shares at Rs 575.47. Ta Fii Investors Limited sold 1345000 shares at Rs 407.05. Morgan Stanley Asia Singapore PTE bought 865500 shares at Rs 575
• Hindustan Foods Limited: Sixth Sense India Opportunities 11 sold 606000 shares at Rs 528
• Maxposure Limited: Vikasa Global Fund PCC – Eubilia Capital Partners Fund I sold 152000 shares at Rs 97
• Tijaria Polypipes Ltd: Bank Of India sold 2000000 shares at Rs 7.25
• Mindacorp: Bela Agarwal sold 10850700 shares at Rs 403. Motilal Oswal Mutual Fund bought 4370000 shares at Rs 403. Kotak Mahindra Mutual Fund bought 3693700 shares at
  Rs 403

Stocks under F&O ban on NSE

The NSE has added Biocon to the F&O ban list for February 20.

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.