Stock Market News: Trends on GIFT Nifty indicate a negative opening for Indian indices

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by Sandip Das on 18 March 2024,  5 min read

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The Indian stock market is expected to open in the red following weak global cues. US markets ended in the red while Asian markets were trading flat. Trends on GIFT Nifty indicate a negative opening for Indian indices. The Indian stock market erased yesterday’s gains and ended in the red on March 15, 2024. At close, Sensex was down 453 points at 72,643.43 while Nifty shed 123 points and ended the session at 22,023.35. Around 1,806 stocks advanced and 2,015 declined while 115 stocks remained unchanged. Except for Telecom, all other sectoral indices ended in the red with oil & gas, auto, capital goods, and healthcare down 1-2 percent.

GIFT Nifty

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

Global Markets
US Markets

US stocks fell on Friday, led by technology-related megacaps that have propelled this year’s rally, while investors weighed the interest rate outlook ahead of next week’s Federal Reserve meeting.

The Dow Jones Industrial Average fell 190.89 points, or 0.49%, to 38,714.77. The S&P 500 lost 33.39 points, or 0.65%, at 5,117.09. The Nasdaq Composite dropped 155.36 points, or 0.96%, to 15,973.17.

Asian Markets

Asian shares idled and the dollar held firm on Monday as investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and perhaps a slower glide path for US rate cuts, according to a Reuters report.

Japan’s Nikkei bounced 0.8%, having shed 2.4% last week as a run up to record highs drew some profit taking. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1%, after dipping 0.7% last week.

Stocks in the news
  • Hindustan Aeronautics: The company signed a contract worth Rs 2,890 crore with the Ministry of Defence for the mid-life upgrade of 25 Dornier aircraft along with associated equipment for the Indian Navy.
  • SJVN: Subsidiary SJVN Green Energy (SGEL) has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar project in GUVNL Phase XXIII. The tentative cost of construction and development for this project is Rs 1,100 crore.
  • Zydus Lifesciences: The firm has received final approval from the United States Food and Drug Administration (USFDA) to market Finasteride and Tadalafil capsules.
  • Lupin: The US FDA inspected Lupin’s manufacturing facility at Aurangabad. The inspection closed with the issuance of a Form 483 with one observation.
  • Life Insurance Corporation of India has received approval from the government for a wage revision for its employees, effective August 1, 2022. The government has given LIC a nod to a 17 percent increase in the wage bill.
  • Ircon International: has received the Letter of Award from the National Highways & Infrastructure Development Corporation (NHIDCL) for the Mizoram in EPC mode at a quoted bid price of Rs 630.66 crore.
  • JSW Energy: Subsidiary JSW Neo Energy has received a Letter of Award (LoA) for an additional 500 MW of wind capacity under the greenshoe option for the SECI wind power projects (Tranche XVI). After this, the cumulative capacity allotted to JSW Neo under SECI Tranche XVI stands at 1,000 MW.
  • RailTel Corporation of India: The company has received the work order from the Municipal Corporation of Greater Mumbai amounting to Rs 351.95 crore. In addition, the company has also received a work order worth Rs 130.6 crore from the State Project Director (SPD) of the Bihar Education Project Council (Bepc).
  • KPI Green Energy: The firm emerged as the successful bidder in the Maharashtra State Power Generation Co. (MAHAGENCO) tender for the development of a 100 MWAC solar power project.
Also read: HUL, Narayana Hrudayalaya Top 2 Stocks Which Can Fetch Good Returns
FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 848.56 crore. Domestic institutional investors (DIIs) sold Rs 682.26 crore worth of stocks on March 15, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added Biocon, and Hindustan Copper to the F&O ban list for March 18. It retained Aditya Birla Fashion & Retail, BHEL, Manappuram Finance, National Aluminium Company, Piramal Enterprises, RBL Bank, 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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