Stock Market News: Trends on GIFT Nifty Indicate Cautious Start for Indian Indices

The Indian stock market is likely to open on a cautious footing trading weak global cues. Asian markets including Japan were trading on a weak note while US markets closed lower. Trends on GIFT Nifty indicate a flat start for Indian indices.

The Indian stock market ended on a flat note on March 4, 2024. At close, Sensex added 66 points at 73,872.29 while Nifty gained 27 points and ended the session at 22,405.60. Around 1,425 stocks advanced and 2,527 stocks declined while 133 stocks remained unchanged on the BSE. Among the sectors, bank, energy, infra, and pharma gained while information technology, metals, FMCG, and automobile sectors remained under pressure.

GIFT Nifty

Trends on GIFT Nifty indicate a cautious start for Indian indices.

Global Markets

US Markets

Wall Street stocks closed lower on Monday, backing away from record highs. US Treasury yields ticked higher as investors looked ahead to key jobs data and Federal Reserve Chair Jerome Powell’s congressional testimony later in the week.

The Dow Jones Industrial Average fell 97.55 points, or 0.25%, to 38,989.83. The S&P 500 lost 6.13 points, or 0.12%, to 5,130.95. The Nasdaq Composite dropped 67.43 points, or 0.41%, to 16,207.51.

Asia Markets

Asia-Pacific markets fell as China’s “Two Sessions” meeting got underway, with investors watching out for its economic plans after the country projected a GDP growth target of “around 5%” for 2024, according to a CNCB.com report.

In Australia, the S&P/ASX 200 retreated for a second straight day falling 0.15% in early trade. Japan’s Nikkei 225 fell below the 40,000 mark falling 0.34%, while the Topix was down 0.3%. South Korea’s Kospi also slipped 0.26%, and the small-cap Kosdaq shed 0.52%.

Also read: RK Swamy IPO: Top Things to Know Before Subscribing to the Issue

Stocks in the news

• Tata Motors: The company said its board of directors has approved its demerger into two separate listed companies – the commercial vehicles business and its related investments in one entity, and the passenger vehicles business, including EVs and JLR, and its related investments in another entity. The demerger will be implemented through an NCLT scheme of arrangement, and all shareholders of Tata Motors will continue to have identical shareholding in both listed entities.
• Mahindra & Mahindra: The auto firm is set to receive another round of incentives as they take the lead in getting benefits under the government’s production-linked incentive (PLI) programme.
• NTPC: NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, has signed a Joint Venture Agreement (JVC) with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) for the development of renewable power parks and projects in Uttar Pradesh.
• Tata Communications: The Department of Telecommunications, Government of India, has granted Tata Communications additional authorization for providing M2M services in the national area under the company’s existing unified license agreement.
• IIFL Finance: The Reserve Bank of India (RBI) has directed IIFL Finance to cease, with immediate effect, from sanctioning or disbursing gold loans or assigning, securitising, or selling any of its gold loans. However, the RBI directed that the company continue to service its existing gold loan portfolio through the usual collection and recovery processes. The gold lending business contributed 32 percent of its total AUM at the end of the December FY24 quarter.
• Easy Trip Planners: The firm has partnered with public sector lender Punjab National Bank (PNB) to launch the PNB EMT Credit Card.
• Cyient: The company announced its membership with the Massachusetts Medical Device Industry Council (MassMedic), the largest regional MedTech association in the US. This partnership signifies a strategic move by Cyient to deepen its commitment to the healthcare sector.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 564.06 crore. Domestic institutional investors (DIIs) bought Rs 3,542.87 crore worth of stocks on March 4, provisional data from the NSE showed.

Bulk Deals

• Swan Energy Limited: Leading Light Fund VCC The Triumph Fund sold 25,18,053 shares at Rs 721.09
• Cleducate: Mathew Cyriac bought 10,35,000 shares at Rs 88.01
• Cressan: Nacio Multi Traders LLP bought 33,82,294 shares at Rs 21.01
• Tijaria: Nav Capital VCC – Nav Capital Emerging Star Fund bought 2,41,791 shares at Rs 12.81

Stock under F&O ban on NSE

The NSE has retained Zee Entertainment Enterprises on the F&O ban list for March 5.

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