Stock Market News Today: GIFT Nifty Indicates a Negative Start; Tech Mahindra, Bajaj Auto in Focus

On January 24, 2024, the Indian stock market, experiencing volatility, closed positively. The Sensex surged by 689 points, reaching 71,060, while the Nifty gained 215 points, concluding the session at 21,453. Investors seized the opportunity to buy stocks during market dips, although concerns about FIIs selling persisted. According to NSE data, FIIs have sold equities worth Rs 27,830 crore in the last five sessions.

Notably, 1744 stocks advanced, 769 declined, and 769 remained unchanged.

In terms of sectors, the auto, Information Technology, capital goods, FMCG, metal, oil & gas, and power indices all witnessed gains ranging from 1 to 2 percent.

GIFT Nifty

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

US Markets

The S&P 500 climbed to its fourth straight record high close on Wednesday, as Netflix surged following blowout quarterly results and a strong report from ASML fueled gains in chipmakers.

The Nasdaq gained 0.36% to 15,481.92 points, while Dow Jones Industrial Average declined 0.26% to 37,806.39 points. The S&P 500 climbed 0.08% to end the session at 4,868.55 points.

Also read: EPACK Durable IPO: Issue Booked 16.35 Times, Retail Portion Subscribed 6.25 Times

Asian Markets

Asian markets were trading on a mixed note in the early hour of trade. Japan’s Nikkei shed 0.18 percent at 36,162 while Hong Kong Hang Seng gained 0.74 percent at 16,017. Kospi was down 0.47 percent at 2,458.

Stocks in the news

• Zee Entertainment: Days after its $10 billion merger transaction with Sony India collapsed. Zee Entertainment has approached the National Company Law Tribunal (NCLT), with an appeal to direct Sony India to implement the merger scheme cleared by the NCLT in August 2023.
• Bank of Baroda: The bank raised Rs 5,000 crore through infrastructure bonds. The coupon rate was fixed at 7.57 percent for the 10-year paper.
• Mazagon Dock Shipbuilders: The company has signed a contract with the Acquisition Wing of the Ministry of Defense for the construction and delivery of 14 Fast Patrol Vessels (FPVs) for the Indian Coast Guard (ICG). The contract is worth Rs. 1,070 crore.
• Borosil: The firm said the board of directors has approved raising funds to Rs 250 crore through qualified institution placement (QIP).

FII and DII data

Foreign institutional investors (FIIs) offloaded shares worth Rs 6,934.93 crore, while domestic institutional investors (DIIs) bought Rs 6,012.67 crore worth of stocks on January 24.

Bulk Deals

• Computer Age Management: HDFC Bank Limited sold 5,29,000 shares at Rs 2700.08
• Manappuram Finance: BNP Paribas Arbitrage sold 46,46,273 shares at Rs 172.06
• Venus Remedies: BNP Paribas Arbitrage sold 66,948 shares at Rs 380.24
• Sunteck: Briarwood Capital Master Fund Limited sold 47,15,000 shares at Rs 445.5

Stocks under F&O ban on NSE

The NSE has added Zee Entertainment Enterprises to the F&O ban list for January 25.

Results today

JSW Steel, Punjab National Bank, ACC, Adani Power, SBI Cards and Payment Services, SBI Life Insurance Company, Tata Technologies, Vedanta, Hindustan Petroleum Corporation, AU Small Finance Bank, Cholamandalam Investment and Finance Company, Cyient, Equitas Small Finance Bank, Indian Energy Exchange, Indraprastha Gas, and Syngene International.3

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 decisions. Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Click here for detailed disclaimer