Stock Market News: Top Things to Know Before Indian Equities Open Today

The Indian stock market ended in the red on February 26, 2024. At close, Sensex shed 352 points at 72,790.13 while Nifty was down 90 points at 22,122.05.

Around 1,717 stocks advanced and 2,262 declined while 129 stocks remained unchanged on the BSE.

Among sectors, Information Technology and Metal are down 1 percent each, while Bank and Pharma are down 0.5 percent each. On the other hand, oil & gas, power, and capital goods are up 0.5-1 percent.

GIFT Nifty

Trends on GIFT Nifty Indicates a positive start for Indian indices.

US Markets

US stocks ended with modest losses on Monday. Focus shifted after last week’s AI-fueled rally to upcoming economic data that could affect the timing of the Federal Reserve’s expected interest rate cut.

The Dow Jones Industrial Average fell 62.30 points, or 0.16%, to 39,069.23. The S&P 500 lost 19.27 points, or 0.38%, at 5,069.53. The Nasdaq Composite lost 20.57 points, or 0.13%, at 15,976.25, according to a Reuters report.

Asian Markets

Asia-Pacific markets were mixed Tuesday. Japan’s Nikkei 225 index edged higher, while South Korean markets opened lower. The broader Topix index gained 0.1%. South Korea’s Kospi edged 0.1% lower, while the small cap Kosdaq fell 0.3%, according to a CNBC.com report.

Also read: Owais Metal IPO: Top Things to Know Before Subscribing to The Issue

Stocks in the news

• Wipro: The IT firm announced a joint private wireless solution with Nokia to help enterprises scale their digital transformation. This joint solution will provide enterprises with a more secure 5G private wireless network solution integrated with their operation infrastructure.
• TVS Motor Company: The auto company’s subsidiary TVS Motor (Singapore) Pte Ltd has agreed to acquire a further 8,000 equity shares in Killwatt GmbH for 4 million euros. With this, the shareholding of TVS Motor (Singapore) Pte Ltd in Killwatt GmbH will increase from 39.28 percent to 49 percent.
• Lemon Tree Hotels: The company has signed a license agreement for Lemon Tree Resort in Sankhwas Garh, Rajasthan, and Keys Lite by Lemon Tree Hotels in Vijayawada, Andhra Pradesh. Both properties are expected to open in FY26. Carnation Hotels, a wholly-owned subsidiary and the hotel management arm of the company will be operating this hotel.
• Power Mech Projects: The firm has received an order worth Rs 396.25 crore from South East Central Railway for the construction of the electrified 4th railway BG line in Chhattisgarh on an EPC basis.
• Multi Commodity Exchange of India: MCX and the Jakarta Futures Exchange (JFX), the largest exchange in the commodity and derivatives market in Indonesia, have entered into a Memorandum of Understanding (MoU) to enhance collaboration in key areas, including knowledge sharing, research, education, training, awareness creation, and other market development initiatives.
• HFCL: The company along with its material subsidiary, HTL, has received purchase orders worth Rs 40.36 crore for the supply of optical fiber cables to one of the leading private telecom operators in the country.
• Vodafone Idea: The firm will meet today to consider fundraising. It is likely to raise equity from new investors, diluting the stakes of existing shareholders, including Vodafone Group Plc, Aditya Birla Group, and the Government of India, reported Business Standard.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 285.15 crore. Domestic institutional investors (DIIs) offloaded Rs 5.33 crore worth of stocks on February 26, provisional data from the NSE showed.

Stocks under F&O ban on NSE

The NSE has retained Aditya Birla Fashion & Retail, Balrampur Chini Mills, Canara Bank, SAIL and Zee Entertainment Enterprises to the F&O ban list for February 27.

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.