Stock Market News: Sensex, Nifty Likely to Open on a Cautious Note

The Indian stock market including the Sensex and Nifty is likely to open on a cautious note tracking weak global cues. US Markets closed sharply lower on Tuesday while bitcoin and gold touched all-time highs as market participants eyed upcoming economic data and central bank actions. Other Asian peers also followed weak US equities.

The Indian stock market ended in the red on March 5, 2024. At close, Sensex was down 195 points at 73,677.13 while Nifty shed 49 points and ended the session at 22,356.30. Around 1,262 stocks advanced and 2,579 declined while 92 stocks remained unchanged.

A mixed trend was seen on the sectoral front, with the auto index up 1.3 percent, the PSU Bank index up 2.5 percent, and oil & gas, power, and realty indices adding 0.5 percent each. IT and FMCG indices shed 1 percent each.

Global Markets

US Markets

Wall Street stocks closed sharply lower on Tuesday while bitcoin and gold touched all-time highs as market participants eyed upcoming economic data and central bank actions. All three major US stock indexes fell 1% or more on the day. The tech-laden Nasdaq suffered the steepest loss, according to a Reuters report.

The Dow Jones Industrial Average fell 404.64 points, or 1.04%, to 38,585.19. The S&P 500 lost 52.3 points, or 1.02%, to 5,078.65. The Nasdaq Composite dropped 267.92 points, or 1.65%, to 15,939.59.

Asian Markets

Asia-Pacific markets fell across the board Wednesday, mirroring a tech slide on Wall Street led by Apple, following a report that iPhone sales fell in China. Japan’s Nikkei 225 slipped below the 40,000 mark after two straight days above that milestone, opening 0.81% lower. The broad based Topix slipped 0.44%. South Korea’s Kospi slid 0.39%. The small cap Kosdaq was down 0.55%. In Australia, the S&P/ASX 200 shed 0.22% ahead of its GDP data, according to a CNBC.com report.

Also read: Sona Machinery IPO: Check Out Price Band, Issue Size & More

GIFT Nifty

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

Stocks in News

• Havells India: The company plans to expand its existing product portfolio with the introduction of kitchen appliances such as cooktops, hobs, chimneys, and other built-in appliances.
• Wipro: The company has acquired a 27 percent stake in SDVerse LLC to strengthen its positioning as a leader in software-defined vehicle and cloud car engineering services. The transaction is expected to be completed before the end of March 2024.
• NHPC: The firm has started developing the 1,200-MW Jalaun Ultra Renewable Energy Power Park in Jalaun, Uttar Pradesh.
• JSW Energy: JSW Renew Energy Five, the step-down subsidiary of JSW Energy, has signed a Battery Energy Storage Purchase Agreement (BESPA) for the first project of a 250 MW or 500 MWh standalone battery energy storage system.
• Zomato: China’s Ant Group arm, Antfin Singapore Holdings Pte, is likely to sell up to a 2 percent stake (17.64 crore shares) in Zomato for Rs 2,800 crore through a block deal, sources told CNBC-Awaaz.
• Torrent Pharma: The US Food and Drug Administration (US FDA) conducted the pre-approval inspection (PAI) at the Torrent Pharmaceuticals oral-oncology manufacturing facility in Bileshwarpura, Gujarat.
• JM Financials: The Reserve Bank of India (RBI) barred JM Financial Products (JMFPL) from giving loans against shares and debentures, including sanction and disbursal of loans against the initial public offering (IPO) of shares, with immediate effect.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 574.28 crore. Domestic institutional investors (DIIs) purchased Rs 1,834.61 crore worth of stocks on March 5, provisional data from the NSE showed.

Bulk Deals

• Aavas Financiers Limited: SBI Mutual Fund bought 63,00,000 shares at Rs 1370 per share. Lake District Holdings Limited sold 58,39,578 shares at Rs 1370.01 per share. Partners Group ESCL Limited sold 28,89,373 shares at Rs 1370 per share. Partners Group Private Equity (Master Fund) LLC sold 12,67,999 shares at Rs 1370.2 per share.
• TD Power Systems: Vittoria Fund-Oc, LP bought 46,00,000 shares at Rs 320.5 per share. On the other hand, BNP Paribas Arbitrage sold 46,00,000 shares at Rs 320.5.

Stock under F&O ban on NSE

The NSE has retained Zee Entertainment Enterprises on the F&O ban list for March 6.

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