Stock Market News Today: GIFT Nifty Points Towards a Positive Start Following Positive Global Cues


by Sandip Das on 13 March 2024,  5 min read


The Indian stock market is likely to open in the green following positive global cues. US markets closed higher after US inflation met expectations. Following this, Asian markets were also trading in the green in the early hours of trade. GIFT Nifty points towards a positive opening for Indian indices. The Indian stock market ended on a flat note amid volatility on March 12, 2024. At close, Sensex was up 165 points at 73,667.96 while Nifty added 3 points and ended the session at 22,335.70. Around 673 stocks advanced and 3,220 declined while 74 stocks remained unchanged.

On the sectoral front, except IT all other indices ended in the red with the realty index down almost 3.5 percent. PSU Bank and Media indices shed 2 percent each, while capital goods, FMCG, healthcare, metal, and power indices shed 1 percent each.

GIFT Nifty

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

Global Markets
US Markets

US stocks ended sharply higher on Tuesday, with the S&P 500 registering a record-high close. This comes as Oracle shares surged and consumer price data failed to dampen investors’ hopes of interest rate cuts in the coming months, according to a Reuters report.

The Dow Jones Industrial Average rose 235.74 points, or 0.61%, to 39,005.4. The S&P 500 gained 57.3 points, or 1.12%, at 5,175.24. The Nasdaq Composite added 246.36 points, or 1.54%, at 16,265.64.

Also read: Pratham Projects IPO: Top Things to Know as Issue Opens for Subscription
Asian Markets

Asia-Pacific markets rose after Wall Street jumped overnight, following US inflation data that largely met expectations. The US consumer price index in February climbed 0.4% on the month and 3.2% year over year, the Bureau of Labor Statistics said on Tuesday, according to a report.

In Australia, the S&P/ASX 200 started the day up 0.24%, extending gains from Tuesday. Japan’s Nikkei 225 rebounded to rise 0.73% in early trade, while the broad-based Topix gained 0.79%. South Korea’s Kospi climbed 0.48% after its February unemployment rate came in at 2.6%, down from January’s figure of 3%.

Stocks in the news
  • ITC: Global tobacco company British American Tobacco has launched a block deal to sell a 3.5 percent equity stake in India’s ITC to institutional investors for as much as Rs 16,775 crore. It plans to sell up to 43.69 crore ITC shares via accelerated bookbuilding at Rs 384–400.25 per share, reported CNBC Awaaz, citing sources.
  • Tata Consultancy Services: SymphonyAI, a leader in high-value enterprise AI SaaS for strategic industries, announced a strategic partner agreement with Tata Consultancy Services (TCS), to expand and accelerate markets across business verticals worldwide. Initially focused on financial crime detection, the strategic agreement will bring the benefits of focused predictive and generative AI to organizations across industries.
  • Aurobindo Pharma: The company’s subsidiary Eugia Pharma Specialities has started the distribution of aseptic products manufactured at Unit III, which was temporarily stopped.
  • Titagarh Rail Systems Limited: The company has launched its second 25T Bollard Pull Tug, Bahubali, for the Indian Navy. The ship is built at the Company’s facility located in Titagarh, Barrackpore.
  • HG Infra Engineering: The firm has received a letter of acceptance from the East Central Railway for the construction of a double-line track in the Gaya-Son Nagar section, Bihar. The cost of the project is Rs 709 crore.
  • Greaves Cotton: The EV-focused lending platform evfin, a part of NBFC Greaves Finance and energy solutions company Greaves Cotton, signed a partnership with Muthoot Capital Services to launch a co-lending arrangement to increase the availability of electric two-wheeler financing solutions across India. The collaboration entails a total deal size of up to Rs 150 crore.
FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 73.12 crore in the stock market. Domestic institutional investors (DIIs) purchased Rs 2,358.18 crore worth of stocks on March 12, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added National Aluminium Company, and Piramal Enterprises to the F&O ban list for March 13. It retained Aditya Birla Fashion & Retail, Hindustan Copper, Manappuram Finance, Mahanagar Gas, SAIL, Tata Chemicals, and Zee Entertainment Enterprises.

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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