Stock Market News: GIFTY Nifty Points To a Flat Start; Tata Cons, Power Grid in Focus

The Indian stock market ended on a flat note on February 7, 2024, amid a choppy session. At close, the Sensex shed 34.09 points or 0.05 percent higher at 72,152. Nifty shed 1.10 points or 0.01 percent up at 21,930.

Around 1,927 shares advanced and 1,329 declined while 75 stocks remained unchanged.

Among the sectors, buying was seen in PSU Bank and realty space which added 1.5-2 percent each. On the other hand, the IT index shed over 1 percent.

GIFT Nifty

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

US Markets

Global equities climbed to a more than two-year peak and the S&P 500 closed at a record high on Wednesday, as strong earnings offset jitters related to US regional banks and China’s markets. The Dow Jones Industrial Average rose 175.88 points to 38,697.24. The S&P 500 gained 39.93 points to 4,994.16. The Nasdaq Composite added 140.80 points to 15,749.80, Reuters reported.

Asian Markets

Most Asian markets tracked Wall Street higher on Thursday, but Chinese stocks were battling to sustain a rally. This comes after data raised concerns about deflationary pressures in China and suggested the economic slowdown may have further to run. Japan’s Nikkei surged 1.5%, while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%, according to a Reuters report.

Also read: Can Fin Homes, Castrol India Top 2 Stocks Which Can Give Up To 19% Return

Results today

Grasim Industries, Life Insurance Corporation of India, Power Finance Corporation, Zomato, Biocon, Aarti Industries, Apollo Hospitals Enterprise, Aster DM Healthcare, AstraZeneca Pharma India, Balrampur Chini Mills, BEML, Escorts Kubota, India Shelter Finance Corporation, Patanjali Foods, Rail Vikas Nigam, Thermax, Torrent Power and Zydus Wellness

Stocks in the news

• Tata Consumer Products: The FMCG company has registered a 17.3 percent on-year decline in consolidated profit at Rs 301.5 crore for the quarter ended December FY24. Revenue from operations grew by 9.5 percent YoY to Rs 3,804 crore for the quarter.
• Power Grid Corporation of India: The state-owned electric services company has recorded a 10.5 percent year-on-year growth in consolidated net profit at Rs 4,028.3 crore for the October-December period of FY24 despite higher tax costs, driven by healthy operating numbers. Revenue from operations grew by 2.6 percent YoY to Rs 11,549.8 crore for the quarter.
• Lupin: The pharma company has clocked a four-fold increase in consolidated profit at Rs 613.1 crore for the quarter ended December FY24, against Rs 153.5 crore in the year-ago period. Revenue from operations jumped 20.2 percent YoY to Rs 5,197.4 crore for the quarter.
• Petronet LNG: The joint venture of Bharat Petroleum Corporation (BPCL), has executed a long-term LNG sale and purchase agreement with Qatar Energy for the purchase of approximately 7.5 MMTPA liquified natural gas (LNG) on a long-term basis.
• Piramal Pharma: The US Food and Drug Administration (US FDA) conducted a pre-approval inspection (PAI) of Piramal Pharma’s Riverview (USA) facility and in the conclusion, issued a Form 483 with 3 observations. The observations were classified under VAI (voluntary action indicated) and do not relate to data integrity.
• SJVN: The company has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar power project in GUVNL Phase XXII. The tentative cost of construction and development for this project is Rs 1,100 crore.
• Indraprastha Gas: The firm has signed a Memorandum of Understanding (MOU) with two technology partners to establish compressed biogas (CBG) plants across four states, namely Delhi, Haryana, Rajasthan, and Uttar Pradesh.
• Adani Ports and Special Economic Zone: The company has won a bid to operate a container terminal in Tanzania’s main port of Dar es Salaam, giving the unit a foothold in East Africa.
• Ashoka Buildcon: The firm received a Letter of Award worth Rs 520 crore from the National Highways Authority of India for a project in Bihar.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,691.02 crore. Domestic institutional investors (DIIs) purchased Rs 327.73 crore worth of stocks on February 7, provisional data from the NSE showed.

Bulk Deals

• Navin Fluorine Internatio: Smallcap World Fund Inc sold 5,10,449 shares at Rs 3099.7
• Rattanindia Power Limited: Indiabulls Real Estate Limited sold 4,21,91,964 shares at Rs 12.15
• Indiabulls Housing Finance: Life Insurance Corporation Of India sold 1,96,57,233 shares at Rs 39.05. Also, Brep Asia II Indian Holding Co V (Nq) Pte Ltd sold 37,39,000 shares at Rs 39.43. Pimco Equity Series: Pimco Rae Emerging Markets Fund sold 33,27,855 shares at Rs 44.09. Star Funds S.A. Sicav-Sif-Star International Fund sold 34,00,281 shares at Rs 41.52. Ishares Core Msci Emerging Markets ETF sold 16,56,838 shares at Rs 45.84.
• Industower: Artisan International Value Fund sold 3,33,46,663 shares at Rs 215.1

Stocks under F&O ban on NSE

The NSE has added Balrampur Chini Mills, Delta Corp, and SAIL to the F&O ban list for February 8

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.