Stock Market Today: GIFT Nifty Indicates a Cautious Start for Indian Indices; ONGC, MCX in Focus

The Indian stock market snapped the 2-day losing steak on February 9, 2024, and ended in the green. At close, Sensex was up 167 points at 71,595.49. Nifty added 64 points and ended the session at the 21,782.50 mark.

Around 851 stocks advanced and 1706 declined while 96 stocks remained.

Among the sectors, Bank Nifty added 1.38 percent followed by pharma which was up 0.5 percent. However, selling pressure was witnessed in metal, oil & gas, IT, and auto indices.

GIFT Nifty

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

US Markets

Global equities rose on Friday, with the S&P 500 crossing the 5,000-point milestone for the first time, as US inflation data raised expectations of an interest rate cut this year.

The Dow Jones Industrial Average fell 54.64 points, or 0.14%, to 38,671.69. The S&P 500 gained 28.70 points, or 0.57%, to 5,026.61. The Nasdaq Composite gained 196.95 points, or 1.25%, to 15,990.66, according to a Reuters report.

Asian Markets

Asia markets showed a mix of performances. Several major stock markets in Asia-Pacific, including Hong Kong, Taiwan, and South Korea, were closed. Japan’s Nikkei 225 opened 0.1% higher, while the broader Topix dipped 0.2% at open, CNBC reported.

Also read: Capital Small Finance Bank IPO: QIB Portion Booked 6.64 times, Retail Portion Subscribed 2.49 Times

Results today

Coal India, Bharat Forge, Allcargo Logistics, Anupam Rasayan India, BLS E-Services, Cera Sanitaryware, Dilip Buildcon, GSK Pharmaceuticals, Hindustan Aeronautics, HEG, Krsnaa Diagnostics, Mazagon Dock Shipbuilders, Samvardhana Motherson International, NHPC, Steel Authority of India, and Skipper.

Stocks in the news

• ONGC: The state-owned oil & gas exploration company has recorded consolidated profit at RS 9,536 crore for the quarter ended December FY24, down 13.7 percent compared to the year-ago period. Revenue from operations dropped 9.8 percent YoY to Rs 34,789 crore for the quarter, with crude oil price realisation falling 6.4 percent YoY to $81.59 a barrel.
• Aurobindo Pharma: The pharmaceutical firm has recorded a consolidated net profit of Rs 936 crore for the October-December period of FY24, rising sharply by 90.6 percent over a year-ago period backed by strong operating numbers. Revenue from operations for the quarter increased by 14.7 percent YoY to Rs 7,352 crore, with growth seen across multiple businesses.
• Multi Commodity Exchange of India: The commodity exchange has posted a net loss of Rs 5.35 crore for the quarter ended December FY24, against a profit of Rs 38.79 crore in the corresponding period of last fiscal despite strong topline growth. Revenue from operations grew by 33.4 percent YoY to Rs 191.5 crore for the quarter.
• Dr Reddy’s Labs: The company’s formulations manufacturing facility (FTO-3) in Bachupally, Hyderabad, has received the Establishment Inspection Report (EIR) from the USFDA, where the inspection has been classified as Voluntary Action Indicated (VAI).
• Hero MotoCorp: The auto company has received board approval for an investment of up to Rs 600 crore for two years for setting up a global parts center (GPC) 2.0 with a storage capacity of up to 36,700 stock-keeping units (SKUs) in Andhra Pradesh.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 141.95 crore. Domestic institutional investors (DIIs) sold Rs 421.87 crore worth of stocks on February 9, provisional data from the NSE showed.

Bulk Deals

• Apollo Pipes Limited: Societe Generale bought 2,58,071 shares at Rs 766.13
• Tijaria Polypipes Ltd: Bank Of India sold 6,00,000 shares at Rs 6.05

Stocks under F&O ban on NSE

The NSE has added Zee Entertainment Enterprises to the F&O ban list for February 12.

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