Stock Market News: Share Market Likely to Open Higher Following GIFT Nifty

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by Sandip Das on 4 April 2024,  5 min read

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The Indian stock market ended on a flat note amid volatility on April 3, 2024. At close, Sensex was down 27 points at 73,876.82 while Nifty shed 18 points and ended the session at 22,434.65. Around 2,798 stocks advanced and 1,054 declined while 113 stocks remained unchanged. On the sectoral front, the Realty index was down 2.5 percent and the Auto index slipped 0.4 percent. On the other hand, Power, PSU Bank indices up 1 percent each, and Information Technology, Media index up 0.5 percent each.

GIFT Nifty

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

US Markets

The S&P 500 and Nasdaq closed higher on Wednesday after data showing the US services industry growth slowed further in March, but the advance was limited after Federal Reserve Chair Jerome Powell indicated a cut in interest was still not in sight.

The Dow Jones Industrial Average fell 43.1 points, or 0.11%, to 39,127.14. The S&P 500 gained 5.68 points, or 0.11%, to 5,211.49. The Nasdaq Composite added 37.01 points, or 0.23%, to 16,277.46, according to a Reuters report.

Asian Markets

Asia-Pacific markets rebounded following a sell-off in the previous session, as investors digest comments from US Federal Reserve Chairman Jerome Powell.

In Australia, the S&P/ASX 200 rose 0.49%, after clocking losses for two days. Japan’s Nikkei 225 gained 1.34% and was hovering near the 40,000 mark, while the broad-based Topix rose 1.05%. South Korea’s Kospi also gained 1.22%, according to a CNBC.com report.

Stocks in the news
  • HCL Technologies: The IT firm has expanded alliance with Google Cloud to create industry solutions by using the US tech giant’s multimodal large language AI model, Gemini.
  • UltraTech Cement: The company announced it has earmarked Rs 32,400 crore for capital expenditure (capex) over the next three years as part of its expansion plans.
  • Vedanta: Aluminium producer Vedanta Aluminium has expanded its alumina refining capacity to 3.5 million metric tonne per year (MTPA).
  • Avenue Supermarts: The company has recorded standalone revenue at Rs 12,393.46 crore for the quarter ended March FY24, growing 19.9 percent over Rs 10,337.12 crore in the year-ago period.
  • Vodafone Idea: The telecom firm will hold a board meet on April 6 to consider issuing equity or convertible securities worth Rs 2,075 crore on a preferential basis to one or more promoter group entities.
  • KEC International: The company has received new orders of Rs 816 crore across its various businesses, including orders for supply of towers in the United States of America, setting up steel plants in Northern India, and plants for carbon derivatives in Eastern India.
  • Brigade Enterprises: The firm has signed a joint development agreement with United Oxygen Company to develop a ‘Grade A’ office space in East Bengaluru.
  • GE Power India: The firm received two contracts worth Rs 775 crore from Jaiprakash Power Ventures. The contract worth Rs 490.5 crore will be executed within 33 months, and the second contract worth Rs 284.4 crore will be executed in 30 months.
  • Union Bank of India: The bank’s DIFC Dubai branch has arranged for a syndicated term loan of $500 million, including a green shoe of $100 million, in two tranches with a tenure of 3 years and 5 years.
Also read: BEL, Time Technoplast Top 2 Stocks Which Can Fetch Up To 16% Return
FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2,213.56 crore. Domestic institutional investors (DIIs) purchased Rs 1,102.41 crore worth of stocks on April 3, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added SAIL and Zee Entertainment Enterprises to the F&O ban list for April 4. It retained Hindustan Copper to the said list.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment.

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