Stock Market Today: GIFT Nifty Indicates a Positive Start for Indian Indices; Zee, ICICI Bank in Focus

The Indian stock market ended in the red on January 20, 2024, amid volatility. At close, Sensex shed 259 points at 71,423.65. Nifty was down 50 points and ended the session at the 21571 mark.

Around 1282 stocks advanced and 1190 declined while 108 remained unchanged.

On the sectoral front, bank, metal, and power indices added 0.5-1 percent each. FMCG, Information Technology, pharma and realty sectors were down 0.4-1 percent each.

GIFT Nifty

Trends in the GIFT Nifty indicate a positive start for the broader index in India, with a gain of 188 points or 0.87 percent.

US Markets

The S&P 500 posted a second straight record high close on Monday. Tech stocks added to recent gains and investors awaited upcoming corporate reports for clues on this year’s profit outlook, according to a Reuters report.

The Dow Jones Industrial Average rose 138.01 points, or 0.36 percent, to 38,001.81. The S&P 500 gained 10.62 points, or 0.22 percent, to 4,850.43. The Nasdaq Composite added 49.32 points, or 0.32 percent, to 15,360.29.

Also read: Addictive Learning Technology IPO: Check Out Price Band, Reserve Portion & More

Asian Markets

Japanese shares surged to fresh 34-year highs and the yen steadied on Tuesday, hoping the Bank of Japan will not rock the boat by pivoting away from its super easy policy any time soon, while Chinese stocks extended declines after a brutal session.

Japan’s Nikkei rose 0.6% to the highest level since February 1990, bringing the year-to-date gains to 9.9%. Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.2% higher.

Results today

Axis Bank, Indus Towers, JSW Energy, L&T Finance Holdings, Havells India, Karnataka Bank, Mahanagar Gas, REC, Tata Elxsi, United Spirits, CG Power and Industrial Solutions, Cyient DLM, Gandhar Oil Refinery, Glenmark Life Sciences, Granules India, ICRA, Pidilite Industries, Hitachi Energy India, Rallis India, Sona BLW Precision Forgings, Tanla Platforms, and Ugro Capital.

Stocks in news

Zee Entertainment: Sony Group called off the December 22, 2021, agreement to merge Zee Entertainment and Culver Max Entertainment (CME), formerly known as Sony Pictures Networks India. Sony is seeking a termination fee of $90 million on account of alleged breaches by ZEEL of the terms of the MCA (Merger Co-operation Agreement), invoking arbitration, and seeking interim reliefs against ZEEL. ZEEL categorically refuted all claims and assertions made by Culver Max and BEPL (Bangla Entertainment Pvt. Ltd.) and is evaluating all available options.

Tata Consultancy Services: The IT firm has enabled Euroclear Finland, the National Central Securities Depository (CSD) of Finland, to integrate its core platform with the European securities settlement engine.

Tata Motors: The auto major said it would increase the prices of its entire passenger vehicle range by an average of 0.7 percent with effect from February 1. The price increase is being taken to partially offset the rise in input costs.

Cyient: US subsidiary Cyient Inc. has agreed to settle and dismiss, with prejudice, the civil class action antitrust lawsuit for $7.4 million. Cyient Inc. will utilize the insurance amounts available to it towards payment of the aforesaid settlement amount.

Central Bank of India: The bank has approached the government with a proposal for an offer for sale (OFS) instead of a fresh issue of equity through routes like qualified institutional placement (QIP) or a rights issue.

FII and DII data

Foreign institutional investors (FIIs) offloaded shares worth Rs 545.58 crore. Domestic institutional investors (DIIs) sold Rs 719.31 crore worth of stocks on January 20 in the stock market.

Bulk Deals

Cupid Limited: Minerva Ventures Fund bought 70,000 shares at Rs 1862.15

Stock under F&O ban on NSE

NSE has added IRCTC to the said list while retaining Aditya Birla Fashion & Retail, Balrampur Chini Mills, Delta Corp, Indian Energy Exchange, National Aluminium Company, Oracle Financial Services Software, Polycab India, RBL Bank, SAIL and Zee Entertainment Enterprises to the said list.

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