Stock Market Today: GIFT Nifty Indicates a Cautious Start for Indian Indices

The Indian stock market rallied on January 29, 2024. At close, Sensex surged 1240 points at 71941 while Nifty closed at 21737, up 385 points.

Around 1545 stock advanced and 1042 declined while 92 remained unchanged.

Among sectors, the oil & gas index zoomed 5 percent while the Power index added 3 percent. The Capital Goods index gained 2 percent.

GIFT Nifty

Trends in GIFT Nifty indicates a cautious opening for Indian indices.

US Markets

US stocks advanced on Monday as market participants looked ahead to this week’s slew of mega-cap earnings, economic data, and the Federal Reserve’s monetary policy meeting. All three major US stock indexes advanced, with the tech-laden Nasdaq enjoying the largest percentage gain, according to a Reuters report.

The Dow Jones Industrial Average rose 224.02 points, or 0.59%, to 38,333.45. The S&P 500 gained 36.96 points, or 0.76%, at 4,927.93 and the Nasdaq Composite advanced 172.68 points, or 1.12%, to 15,628.04.

Asian Markets

Asian markets were trading mixed with Nikkei up 0.24 percent while Hang Seng shed 2.44 percent. Kospi added 0.17 percent.

Results today

Larsen & Toubro, Dr Reddy’s Laboratories, Bajaj Finserv, PB Fintech, Arvind, Astral, Adani Total Gas, Blue Star, Cochin Shipyard, Coromandel International, Gillette India, KEC International, KPIT Technologies, Mahindra & Mahindra Financial Services, Piramal Pharma, Keystone Realtors, Star Health and Allied Insurance Company, Symphony, Triveni Engineering & Industries, VIP Industries and Voltas.

Also read: Mishra Dhatu Nigam, Karur Vysya Bank Top 2 Stocks Which Can Fetch Up to 17% Return

Stocks in the news

• Havells India: The company will make an investment of up to $20 million in Havels International Inc, its wholly-owned subsidiary in Delaware. The funds will be used to leverage new growth opportunities in the US.
• Newgen Software: The firm’s wholly owned subsidiary has won a seven-year contract worth Rs 97 crore for digital product development, operational support, and related services to support digitisation in Singapore.
• GAIL (India): The company has signed a long-term LNG purchase agreement for the purchase of around 0.5 MMTPA of LNG from ADNOC Gas (Abu Dhabi National Oil Company). Under this agreement, deliveries will commence from 2026 onwards for 10 years across India.
• AstraZeneca Pharma: The firm plans to import a range of critical drugs and is currently conducting 50 clinical trials in India. The company is aiming to import Palivizumab for respiratory infections, Tremelimumab for cancer, and a Fixed-Dose Combination (FDC) of Budesonide, Formoterol fumarate, glycopyrronium for asthma combination. However, these plans depend on receiving all necessary statutory regulatory permissions.
• VA Tech Wabag: The firm along with Peak Sustainability Ventures signed an agreement to build 100 bio-CNG plants in India, Africa, the GCC, and Europe. The plants will use methane from sewage treatment facilities to generate over 73 million kilograms of bio-CNG annually. The goal is to reduce the need for fossil fuels.
• Sunteck Realty: The realty firm announced plans to redevelop two luxury housing projects in Mumbai. The projects are located in the sought-after locations of Nepean Sea Road and Bullock Road, Bandstand in Bandra (West). The projects have a Gross Development Value (GDV) of ₹3,000 crore and are spread over 1.5 acres of land
• KEC International: The company has secured new orders of Rs 1,304 crore across its various businesses. The transmission and distribution business has secured orders for T&D projects in India, SAARC, and the Americas. With these orders, its year-to-date order intake stands at Rs 13,000 crore.
• Krsnaa Diagnostics: The firm has been shortlisted by the Commissionerate of Health Services, Maharashtra, Government of Maharashtra, for providing MRI and CT scan services in Maharashtra in district hospitals under the Authority.

FII and DII data

Foreign institutional investors (FIIs) turned net buyers in the cash segment buying shares worth Rs 110.01 crore, while domestic institutional investors (DIIs) purchased Rs 3,221.34 crore worth of stocks on January 29.

Bulk Deals

• Rajgor Castor Derivati L: Nav Capital Vcc – Nav Capital Emerging Star Fund sold 2,94,000 shares at Rs 47.01
• Tipsind Ltd: Sbi Mutual Fund bought 64,25,721 shares at Rs 380

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