Stock Market News: Trends on GIFT Nifty Indicates Positive Start for Indian Indices

The Indian stock market is likely to open in the green. Trends on GIFT Nifty indicate a positive start for Indian indices. US stocks closed slightly lower on Wednesday with the Dow Jones Industrial Average falling 23.39 points, or 0.06%, to 38,949.02. The S&P 500 lost 8.42 points, or 0.17%, to 5,069.76. The Nasdaq Composite lost 87.56 points, or 0.55%, to 15,947.74, according to a Reuters report.

The Indian stock market ended deep in the red on February 28, 2024. At close, Sensex was down 790 points at 72,304.88 while Nifty shed 247 points at 21,951.15. Around 442 stocks advanced and 2136 stocks declined while 79 stocks remained unchanged. All sectoral indices ended in the red with auto, oil & gas, power, and realty indices down 2 percent each.

Global Markets

US Markets

US stocks closed slightly lower on Wednesday, a day ahead of a key inflation reading that could heavily influence expectations for the timing of an interest rate cut from the Federal Reserve.

The Dow Jones Industrial Average fell 23.39 points, or 0.06%, to 38,949.02. The S&P 500 lost 8.42 points, or 0.17%, to 5,069.76. The Nasdaq Composite lost 87.56 points, or 0.55%, to 15,947.74, according to a Reuters report.

Also read: Bharat Highways InvIT IPO: Check Out Price Band, Issue Size & More

Asian Markets

Asia-Pacific stocks fell Thursday as investors awaited US personal consumption expenditures price index data for clues on the Federal Reserve’s interest rate path. Japan’s Nikkei 225 fell 0.7% at open, while the Topix declined 0.3%. The Nikkei 225 had hit a record high earlier in the week. South Korea’s Kospi opened down 0.8%, while the small-cap Kosdaq shed 0.6%. In Australia, the S&P/ASX 200 fell 0.2%, according to a CNBC.com report.

Stocks in the news

• Reliance Industries: The company owned Viacom 18 Media and The Walt Disney Company have signed binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom 18 and Star India.
• Coal India: The company has signed a joint venture agreement (JVA) with BHEL to undertake the coal-to-chemicals business.
• Wipro: The IT firm announced that it has completed the migration of ManpowerGroup’s largest data center in Europe to Microsoft Azure. Wipro FullStride Cloud facilitated the transformation to help simplify ManpowerGroup’s business operations by moving this data center to a shared services product platform.
• NTPC: NTPC Green Energy, a wholly owned subsidiary of NTPC, has signed a joint venture agreement with Maharashtra State Power Generation Company (MAHAGENCO) for the development of renewable energy parks in Maharashtra.
• IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has granted a Certificate of Registration to Policybazaar Insurance Brokers (Policybazaar), a wholly owned subsidiary of PB Fintech, to act as a composite insurance broker with effect from February 28.
• Venus Pipes & Tubes: The company has announced its foray into the fittings business and capacity expansion for seamless and welded pipes and tubes. The company will be spending Rs 175 crore for the next phase of growth.
• Alkem Labs: The US FDA inspected Alkem Laboratories’ API manufacturing facility in Mandva. The company received a Form 483 with three observations at the end of the inspection, but there was no observation about data integrity.
• Salasar Techno Engineering: The company announced that it received a Rs 200 crore order from Zetwerk Business Private Limited for the supply of 25,000 metric tons of solar structures. The company is expected to complete the project within 12 months.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,879.23 crore. Domestic institutional investors (DIIs) bought Rs 1,827.45 crore worth of stocks on February 28, provisional data from the NSE showed.

Bulk Deals

• Aptus Value Housing Finance: Steadview Capital Mauritius Limited bought 32,05,000 shares at Rs 328.5 per share. Steadview Capital Opportunities PCC sold 32,05,000 shares at Rs 328.5
• Juniper Hotels Limited: Norges Bank on Account Of The Government Pension Fund Global bought 21,77,724 shares at Rs 398.15 per share.
• Kamdhenu Ispat Limited: Dovetail India Fund bought 5,00,000 shares at Rs 581.4.

Stocks under F&O ban on NSE

The NSE has retained Indus Towers, and SAIL to the F&O ban list for February 29.

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.