Stock Market News: Indian Indices Likely to Open Flat Tracking GIFT Nifty

The Indian stock market is likely to open on a cautious note on March 1, 2024, despite the S&P 500 and Nasdaq closing at record highs. Trends on GIFT Nifty indicated a cautious start for Indian indices with a loss of 20 points at 6:40 AM IST. The Indian equity market will also take cues from other Asian markets which managed to edge higher.

The Indian stock market ended in the green amid volatility. At close, Sensex added 195 points at 72,500.30 while Nifty gained 31 points at 21,982.80. Around 1,399 stocks advanced and 1141 stocks declined while 93 stocks remained unchanged. On the sectoral front, except healthcare, all other indices ended in the green. Bank, capital goods, metal, and power indices added 0.5-1 percent.

Global Markets

US Markets

The S&P 500 and Nasdaq closed at record highs. The global equity index advanced on Thursday after a much anticipated US inflation reading provided little surprise for relieved investors and helped push US Treasury yields lower, according to a Reuters report.

The Dow Jones Industrial Average rose 47.37 points, or 0.12%, to 38,996.39. The S&P 500 gained 26.51 points, or 0.52%, to a record closing high of 5,096.27. The Nasdaq Composite gained 144.18 points, or 0.90%, to end at a peak of 16,091.92.

Asian Markets

Asia-Pacific markets tracked Wall Street gains overnight, while investors awaited manufacturing data from China. Most Asia stock markets were lower on Thursday. China’s CSI 300 closed almost 2% higher at 3,516.08 ahead of its purchasing managers’ index reading for February, according to a CNBC.com report.

Japan’s Nikkei 225 rose 0.72% at open, while the broader Topix index added 0.50%. In Australia, the S&P/ASX 200 inched 0.1% higher.

Also read: Mukka Proteins IPO: Top Things to Know Before Subscribing to The Issue

Stocks in the news

• CG Power And Industrial Solutions: The company will invest Rs 7,600 crore to set up a semiconductor unit in Gujarat in partnership with Renesas Electronics Corp.
• Bharti Airtel: Sunil Mittal of Bharti Airtel has set a target of achieving a Rs 300 average revenue per user (ARPU) by the end of the fiscal year 2024-25 (FY25. Management also said users will not pay anything extra for 5G.
• Vedanta: The Supreme Court on Thursday dismissed a plea by the Vedanta Group to reopen its copper smelter plant in Tamil Nadu’s Thoothukudi, citing “serious violations and repeated breaches.”
• Biocon: The company’s arm Biocon Biologics has signed a settlement and license agreement with Janssen Biotech Inc, and Johnson & Johnson (collectively Janssen) that clears the path to commercialise Bmab 1200, a proposed biosimilar to Stelara in the US.
• Adani Enterprises: The firm has divested its 100 percent stake in subsidiary Vizag Tech Park to Adani Infrastructure and Developers for Rs 150.81 crore. With this, Vizag Tech Park has ceased to be a subsidiary of the company.
• Godrej Industries: The company has increased its stake in subsidiary Godrej Capital to 89.48 percent, up from 87.23 percent earlier. It has bought the said 2.25 percent stake from June 2023 to February 2024. Godrej Capital is a core investment company that holds equity shares of Godrej Housing Finance and Godrej Finance.
• TVS Motor: The auto firm’s subsidiary TVS Motor (Singapore) Pte Ltd. has paid 2 million euros and initiated the acquisition of 8,000 equity shares in Killwatt GmbH.
• Larsen & Toubro: The company has announced commissioning its first indigenously manufactured electrolyser at the green hydrogen plant at the A M Naik Heavy Engineering Complex in Hazira, Gujarat.
• HCL Technologies: The company launched FlexSpace 5G, an advanced digital workplace experience-as-a-service that boosts efficiency and security for global businesses.

FII and DII data

Foreign institutional investors (FIIs): Bought shares worth Rs 3,568.11 crore
Domestic institutional investors (DIIs): Sold Rs 230.21 crore worth of stocks on February 29

Bulk Deals

• Punjab National Bank: BNP Paribas Arbitrage sold 73862981 shares at Rs 121.65 per share
• Bharat Heavy Electricals: BNP Paribas Arbitrage sold 35020250 shares at Rs 227.27 per share
• Union Bank Of India: BNP Paribas Arbitrage sold 52165641 shares at Rs 145.95 per share
• NMDC: BNP Paribas Arbitrage sold 33236062 shares at Rs 225.68 per share
• GMR Airports Infra: BNP Paribas Arbitrage sold 81495842 shares at Rs 83.91 per share
• Kaushalya Logistics: Neomile Growth Fund – Series I sold 116800 shares at Rs 87.51 per share

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.