Stock Market News: Top Things to Know Before Market Opens; ITC in focus

The Indian stock market is likely toi open in the red following weak global cues. US markets on Wednesday closed in the red. Asian markets were following the US cues and were trading mixed. The Indian indices are likely to open weak . Trends on GIFT Nifty indicate a negative start. The Indian equity market ended deep in the red on March 13, 2024. At close, Sensex was down 906 points at 72,761.89 while Nifty ended the session down 338 points at 21,997.70. Around 405 stocks advanced and 3,510 declined while 61 stocks remained unchanged. All sectoral indices ended in the red, with Realty, Media, PSU Bank, Telecom, Power, Oil & Gas, and Metals down 4-6 percent.

GIFT Nifty

Trends on GIFT Nifty indicate a negative start to the Indian indices.

Global Markets

US Markets

The S&P 500 and Nasdaq edged lower on Wednesday as investors took profits in chipmaker stocks, while they braced for producer price data and further clues on the inflation trend ahead of next week’s Federal Reserve meeting.

The Dow Jones Industrial Average rose 37.83 points, or 0.1%, to 39,043.32. The S&P 500 lost 9.96 points, or 0.19%, at 5,165.31. The Nasdaq Composite dropped 87.87 points, or 0.54%, to 16,177.77, according to a Reuters report.

Asian Markets

Asia-Pacific markets were largely range-bound on Thursday after Wall Street’s tech-fueled rally dissipated. Nvidia fell 1.1%, Meta slipped 0.8% and Apple dropped 1.2%. Japan’s Nikkei 225 slipped 0.45% following these reports, as markets priced in the possibility of the BOJ tightening policy. The broad-based Topix fell 0.21%. South Korea’s Kospi rose 0.22%, while the Kosdaq index climbed marginally, according to a CNBC.com report.

Also read: HUL, Narayana Hrudayalaya Top 2 Stocks Which Can Fetch Good Returns

Stocks in the news

• Tata Motors: The auto major has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up a vehicle manufacturing facility in the state.
• IIFL Finance: The company has received approval from the board of directors for fund raising up to Rs 1,500 crore through the issue of equity shares on a right basis to its existing eligible shareholders and Rs 500 crore through the issue of non-convertible debentures on a private placement basis.
• L&T Finance Holdings: The firm has issued clarification note on news reports stating that L&T Finance has exited the market after a decision taken by the Reserve Bank of India.
• Adani Green: The company’s subsidiary Adani Renewable Energy Fifty Nine Limited has entered into power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for supply of 534 MW of solar power projects.
• DLF: DLF Home Developers (DHDL), a wholly-owned material subsidiary of DLF, has received approval from the board of directors for raising funds through the issuance of non-convertible debentures (NCDs) worth up to Rs 600 crore on a private placement basis, to the eligible investors.
• Federal Bank: The bank has stopped the issuance of new co-branded credit cards. The bank is in the process of rectifying the areas that are deficient and will seek regulatory clearance prior to the resumption of new issuance.
• KEC International: The company has secured new orders of Rs 2,257 crore across its various businesses, including transmission and distribution projects in India and the Americas and its first international order for a pipeline laying project. With these orders, its year-to-date order intake has surpassed Rs 16,000 crore.
• Sanofi India: The firm has signed an exclusive distribution and promotion agreement with Emcure Pharmaceuticals for its Cardiovascular products including Cardace, Clexane, Targocid, Lasix, and Lasilactone in India.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 4,595.06 crore. Domestic institutional investors (DIIs) purchased Rs 9,093.72 crore worth of stocks on March 13, provisional data from the NSE showed.

Bulk Deals

• APL Apollo Tubes: New World Fund Inc bought 27,89,398 shares at Rs 1601.1 per share. Principal Global Investors Collective Investment Trust sold 15,31,367 shares at Rs 1600.16 per share.
• ITC: Tobacco Manufacturers (India) Limited sold 43,68,51,457 shares at Rs 400.25 per share. The government Of Singapore bought 9,15,45,678 shares at Rs 400.25 per share. ICICI Prudential Mutual Fund bought 59,26,138 shares at Rs 400.25 per share.

Stock under F&O ban on NSE

The NSE has added RBL Bank to the F&O ban list for March 14. It retained Aditya Birla Fashion & Retail, Hindustan Copper, Manappuram Finance, National Aluminium Company, Piramal Enterprises, SAIL, 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.