Stock Market News: GIFT Nifty Indicates Negative Opening for Indian Indices

The Indian stock market ended in the red after three days of consolidation. At close on April 2, 2024 Sensex was down 111 points at 73,904. Nifty 50 slipped 9 points to 22,453. Among the sectors, realty, metal, oil & gas, media, power and auto were up 1-2 percent. Information Technology and Telecom indices shed 0.5 percent each.

GIFT Nifty

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

US Markets

US stock indexes fell on April 2, dragged down by megacap stocks and health insurers as investors grew concerned about the possibility of fewer interest rate cuts than expected from the Federal Reserve in the wake of strong economic data.

At 10:15 a.m. ET, the Dow Jones Industrial Average was down 471.37 points, or 1.19 percent, at 39,095.48. The S&P 500 was down 57.57 points, or 1.10 percent, at 5,186.20. The Nasdaq Composite was down 245.44 points, or 1.50 percent, at 16,151.40, according to a Reuters report.

Also read: BEL, Time Technoplast Top 2 Stocks Which Can Fetch Up To 16% Return

Asian Markets

Asia-Pacific stocks declined Wednesday after a mixed session, with markets watching for moves in electric vehicle makers. Japan’s Nikkei 225 is down over 1.3% on its open, with the broad based Topix 0.82% lower. South Korea’s Kospi also slipped 0.8%, while the small cap Kosdaq down by 1.24%, according to a CNBC.com report.

Stocks in the news

• Biocon: Subsidiary Biocon Biologics has completed the transfer of its branded formulations business in India to Eris Lifesciences on a slump sale basis for Rs 1,242 crore. The branded formulations business comprises metabolics, oncology, and critical care diagnostics.
• UltraTech Cement: The company has commissioned two greenfield capacities with 2.70 mtpa cement grinding unit at Karur, Tamil Nadu, and a 2.70 mtpa integrated cement plant at Kukurdih, Chhattisgarh.
• Anupam Rasayan India: The firm has signed a letter of intent with a Japanese multinational company worth $90 million (Rs 743 crore) over the next 7 years to supply two advanced intermediates using fluorination chemistry.
• HCL Technologies: The firm said HCL Investments UK, a step-down wholly owned subsidiary of the company, has completed the divestment of a 49 percent equity stake in its joint venture (JV) with US-based State Street International Holdings.
• Ramco Cements: The company has commissioned Line II and commenced commercial production on March 31, 2024. The cement manufacturing capacity of Line II is 0.90 million metric tonne per year (MTPA). With the commissioning of Line II, the aggregate capacity of the Odisha grinding unit has increased to 1.8 MTPA.
• JSW Energy: The company has received approval from the board of directors for raising funds up to Rs 5,000 crore via qualified institution placement (QIP) in one or more tranches.
• PNC Infratech: The firm has executed a settlement agreement with the National Highways Authority of India and its subsidiary, PNC Raebareli Highways, for Rs 117.15 crore under the Vivad Se Vishwas II (Contractual Disputes) Scheme of the Government of India.
• Ashiana Housing: The company has sold the entire 224 units in Phase 3 of ‘Ashiana Amarah’ (Gurugram) by March 30, 2024, for Rs 440.32 crore.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,622.69 crore. Domestic institutional investors (DIIs) purchased Rs 1,952.72 crore worth of stocks on April 2, provisional data from the NSE showed.

Stock under F&O ban on NSE

The NSE has added Hindustan Copper to the F&O ban list for April 3.

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