Stock Market News Today: GIFT Nifty Points Towards a Negative Start For Indian Indices

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by Sandip Das on 26 February 2024,  5 min read

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The Indian stock market ended on a flat note on February 23, 2024 amid volatility. At close, Sensex shed 15 points at 73,142.80 while Nifty slipped 4 points and ended the session at 22,212.70.

Around 1367 stocks advanced and 1181 declined while 113 stocks remained unchanged.

Among the sectors, the media and realty index added a percent each followed by the pharma index which gained 0.5 percent in the stock market. PSU Bank, oil & gas, and metal space witnessed selling on the other hand.

GIFT Nifty

GIFT Nifty indicates a negative start for Indian indices.

US Markets

The S&P 500 and Dow Jones Industrial Average eked out another closing record high on Friday, with all three Wall Street benchmarks scoring weekly gains, as artificial intelligence stocks had enough steam to keep the rally chugging along.

The S&P 500 gained 1.77 points, or 0.03 percent, to end at 5,088.8 points. The Nasdaq Composite, lost 44.80 points, or 0.28 percent, to 15,996.82. The Dow Jones Industrial Average rose 62.42 points, or 0.16 percent, to 39,131.53, according to a Reuters report.

Asian Markets

Asian shares were taking a breather near seven-month highs on Monday as investors awaited inflation data from the United States, Japan, and Europe that will help refine expectations for future rate moves, according to a Reuters report.

MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed, having climbed 1.7% last week to seven-month highs. Japan’s Nikkei rose 0.5%, having climbed 1.6% last week to clear its previous record high as bulls look to test the 40,000 barrier.

Also read: Sadhav Shipping IPO: Top Things to Know as IPO Opens for Subscription
Stocks in the news
  • HDFC Bank: The bank has received RBI approval to sell its 90 percent stake in education loan subsidiary HDFC Credila Financial Services. The stake will be sold to a consortium of private equity firms including BPEA EQT and ChrysCapital Group.
  • JSW Infrastructure: The company has received the letter of award from the VO Chidambaranar Port Authority for mechanization of the North Cargo Berth-III (NCB-III) for handling dry bulk cargo at the port on a design, build, finance, operate, and transfer (DBFOT) basis through the PPP route.
  • Dixon Technologies: The firm has also announced the launch of its new manufacturing unit in Uttarakhand’s Dehradun. Dixon Technologies has entered into a contract manufacturing agreement with Compal Smart Device India Private Ltd for the manufacturing of mobile phones.
  • Suven Pharmaceuticals: The company said the US Food & Drug Administration (US FDA) has completed the pre-approval inspections (PAI) and good manufacturing practices (GMP) inspections at the company’s facilities in Hyderabad.
  • Infibeam Avenues: The company has acquired a 20 percent strategic stake in XDuce, a US-based AI development company, for $10 million. The latter will support Infibeam’s payment gateway brand CCAvenue in the US.
  • Biocon: The pharma company has issued a corporate guarantee worth $20 million in favour of Mizuho Bank Ltd to secure a term loan facility, on behalf of Biocon Generics, its wholly-owned step-down subsidiary.
FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,276.09 crore in the stock market. Domestic institutional investors (DIIs) purchased Rs 176.68 crore worth of stocks on February 23.

Bulk Deals
  • Osia Hyper Retail Ltd: Minerva Ventures Fund bought 10,00,000 shares at Rs 49.2.
  • Arvsmart: ICICI Prudential Equity Opportunities Fund bought 4,65,000 shares at Rs 582
  • Kolte Patil Developers: Whiteoak Capital Mutual Fund bought 4,09,834 shares at Rs 487.5
Stocks under F&O ban on NSE

The NSE has added Canara Bank to the F&O ban list for February 26.

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.

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