Stock Market News: Top Things to Know Before Market Opens

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by Sandip Das on 22 March 2024,  5 min read

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The Indian stock market is expected to open in the green following positive US and Asian cues. Trends on GIFT Nifty indicate a positive opening. The Indian stock market ended in the green following positive global cues. At close, Sensex was up 539 points at 72,641.19 while Nifty jumped 172 points and ended the session at 22,011.95. Around 2,758 stocks advanced and 1,061 declined while 107 stocks remained unchanged. All sectoral indices ended in the green, with the smallcaps and midcaps outperforming their large-cap peers.

GIFT Nifty

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

US Markets

Global share benchmarks rallied farther into uncharted territory on Thursday and yields on government debt mainly fell after the Swiss National Bank became the first major central bank to ease policy in this cycle, a day after the Federal Reserve maintained its outlook for 2024 rate cuts.

The Dow Jones Industrial Average was up 269.24 points, or 0.68%. The S&P 500 gained 16.9 points, or 0.32%. The Nasdaq Composite gained 32.43 points, or 0.2%, according to a Reuters report.

Asian Markets

Nikkei 225 crossed 41,000 to hit a fresh all-time high on Friday as Japan inflation accelerated in February, while other Asia-Pacific markets opened mixed. Japan’s Nikkei 225 rose 0.55% to breach the 41,000 mark. The Topix gained 0.42% to a fresh record. South Korea’s Kospi sank 0.12%, a reversal after leading gains in Asia on Thursday, according to a CNBC.com report.

Also read: Vruddhi Engineering IPO Opens For Subscription; Top Things to Know
Stocks in the news
  • IT Stocks: Accenture has lowered its revenue forecast for fiscal year 2024 citing global uncertainty and weak client spending on consulting services . It sees full-year revenue growth to be between 1-3 per cent, down from the earlier projection of 2-5 percent .
  • TCS: The company has signed a multimillion-dollar strategic partnership with Ramboll, a Danish global architecture, engineering and consultancy company.
  • Tata Communications: The firm has received approval from the board of directors to enter into a business transfer agreement for the hive-off of its identified new edged digital services business to its wholly owned subsidiary, Novamesh, as a going concern on a slump sale basis for Rs 458 crore.
  • Mazagaon Dock: The Mumbai Port Authority (MbPA) has allotted land and buildings (workshop land and clark basin) measuring 14.55 acres, which are adjacent to MDL Mumbai Yard, on a long- term lease basis to Mazagon Dock for 29 years, with effect from April 1, 2024, to March 31, 2053.
  • Hero MotoCorp: The auto firm has launched the VIDA Advantage package for its VIDA V1 Pro-electric scooter.
  • Prestige Estates Projects: The company acquired 62.5 acres of land in Indirapuram Extension, NCR. The cost of acquisition is Rs 468 crore, with revenue share.
  • Karnataka Bank: The bank launched a qualified institution placement (QIP) issue on March 21 to raise funds. The floor price has been fixed at Rs 231.43 per share.
  • Lemon Tree Hotels: The firm has signed a franchise agreement for a new hotel property in Ranchi, Jharkhand.
FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,826.97 crore. Domestic institutional investors (DIIs) bought Rs 3,208.87 crore worth of stocks on March 21, provisional data from the NSE showed.

Bulk Deals
  • JSW Holdings Limited: Vikasa India EIF I Fund bought 59210 shares at Rs 6253.26 per share.
  • Krystal Integrated: Nomura Singapore Limited sold 500000 shares at Rs 736.74 per share. Barclays Merchant Bank (Singapore) Limited sold 123787 shares at Rs 758.16 per share. Societe Generale bought 100000 shares at Rs 775.09 per share.
Stock under F&O ban on NSE

The NSE has added SAIL to the F&O ban list for March 22, while retaining Balrampur Chini Mills, Biocon, Indus Towers, Piramal Enterprises, Tata Chemicals and Zee Entertainment Enterprises on the said list.

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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