Stock Market Today: GIFT Nifty Indicates A Positive Start; Bajaj Auto, ZEE in Focus

The Indian stock market ended in the red following weak global cues. At close, Sensex declined 670 points or 0.93 percent at the 71355 mark. Nifty fell 197 points or 0.91 percent at the 21513 level.

Around 1014 stocks advanced and 1574 declined while 96 remained unchanged.

Among the sectors, FMCG, Pharma, and Metal indices were down 1 percent each, while Power and Realty indices added 0.6 percent each. The BSE Midcap index shed 0.7 percent and smallcap index slipped 0.2 percent.

GIFT Nifty

GIFT Nifty indicates a positive start for Indian indices.

US Markets

The Nasdaq scored its first gain of at least 1% in 2024 on Monday. A fall in Treasury yields helped lift megacap stocks. However, a sharp drop in Boeing shares kept gains on the Dow Industrials in check.

The Dow Jones Industrial Average rose 216.90 points, or 0.58%, to 37,683.01. The S&P 500 gained 66.30 points, or 1.41 %, to 4,763.54. The Nasdaq Composite gained 319.70 points, or 2.20%, to 14,843.77.

Asian Markets

Asia’s stock indexes were mostly higher Tuesday after a tech-led surge on Wall Street. Investors await the next set of US inflation numbers due this week, which could hint at when the Federal Reserve might start cutting interest rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5%, after U.S. stocks ended the previous session with gains. Australian shares were up 1.17%, while Japan’s Nikkei stock index was trading 1.6% higher.

Also read: Lupin, Oracle Financial Services Top 2 Stocks Which Can Fetch up to 13% Return

Stocks in the news

• Bajaj Auto: The company has announced a share buyback after its board approved the proposal to buy back up to 4,000,000 shares of face value of Rs 10 each for Rs 10,000 per share for a total consideration not exceeding Rs 4,000 crore.
• Tata Motors: Subsidiary Jaguar Land Rover reported a 27% rise in total wholesales at 101,043 units in the third quarter ended December as compared to the year-ago period. JLR delivered the highest wholesales in 11 quarters during the period.
• Eicher Motors: Royal Enfield has signed a non-binding MoU with the Tamil Nadu government to invest Rs 3,000 crore over the next eight years. It plans to build greenfield and brownfield projects in the state as part of the Tamil Nadu Global Investors Meet 2024 in Chennai.
• BEML: The company bagged a Rs 329.87 crore order from the Ministry of Defense to supply a Mechanical Minefield Marking Equipment Mark-II.
• Zee Entertainment Enterprises: Sony Group Corp is planning to call off the merger pact of its India unit with Zee Entertainment, Bloomberg reported.

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 16.03 crore. Domestic institutional investors (DIIs) purchased Rs 155.96 crore worth of stocks on January 8, provisional data from the NSE showed.

Bulk Deals

1. Honasa Consumer Limited: Stellaris Venture Partners India I sold 32,17,468 shares at Rs 437.04
2. Hi-tech Pipes: Bandhan Mutual Fund bought 10,00,000 shares at Rs 141

Stock under F&O ban on NSE

The NSE has added Bandhan Bank to its F&O ban list for January 9.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.