Stock Market News: Top Things to Know Before Market Opens

The Indian stock market is expected to open on a cautious note following weak global cues. Asian markets were also trading flat at open. Trends on GIFT Nifty indicate a positive opening for Indian indices. The Indian stock market ended on a positive note on March 22, 2024. At close, the Sensex climbed 191 points to 72,832, while the Nifty 50 gained 85 points at 22,097. India’s VIX fell 2.34 percent to 12.22 from 12.51 levels. Metal, auto, realty, FMCG, capital goods, healthcare, and power were up 0.5-1 percent. The information technology index was down 2 percent.

GIFT Nifty

Trends on GIFT Nifty indicate a positive opening for Indian indices.

US Markets

US stocks lost ground at the start of a holiday-shortened week on Monday as investors positioned themselves ahead of inflation data. All three major US stock indexes ended the session in the red.

The Dow Jones Industrial Average fell 162.26 points, or 0.41%, to 39,313.64. The S&P 500 lost 15.99 points, or 0.31%, to 5,218.19. The Nasdaq Composite dropped 44.35 points, or 0.27%, to 16,384.47, according to a Reuters report.

Also read: Vruddhi Engineering IPO Opens For Subscription; Top Things to Know

Asian Markets

Asia-Pacific markets were mixed Tuesday as the US market took a breather following a rally sparked by optimism over the Federal Reserve’s interest rate stance at its latest meeting. Japan’s Nikkei 225 was opened flat, while the broader Topix edged 0.07% lower. South Korea’s Kospi added 1.14% to hit its highest level since February 2022. The smaller-cap Kosdaq edged 0.18% higher, according to a CNBC.com report.

Stocks in the news

• UltraTech Cement: The cement maker added 1 million metric tonnes per annum (MTPA) of brownfield cement capacity at its Uttarakhand unit, bringing the total unit capacity to 2.1 MTPA.
• Mankind Pharma: Beige is planning to sell up to a 2.90 percent stake in Mankind Pharma through block deals, reported CNBC TV 18.
• Reliance Industries: The company acquired a 100 percent stake in MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV from MSEB Solar Agro Power.
• ICICI Securities: The company has received a warning from SEBI following an inspection of its books and records related to merchant banking activities.
• JSW Energy: The firm’s step-down unit has agreed with Reliance Power to acquire a 45 MW wind power project in Maharashtra for Rs 132 crore.
• Rail Vikas Nigam: The company has signed an MoU with the Airports Authority of India to construct a subway connecting the operational area to the residential colony in Kolkata, with an estimated cost of Rs 229.43 crore.
• Lupin: The pharma company is set to sell its trade generics businesses in India for Rs 100-120 crore on a slump sale basis.
• Hindustan Aeronautics: The firm has signed a contract with the Guyana Defence Force (GDF) and the Guyana Government for the supply of two Hindustan-228 commuter aircraft along with the Manufacturer Recommended List of Spares (MRLS), ground handling equipment and ground support equipment, training, and hand-holding at a total value of MUSD 23.37 (approximately Rs 194 crore).
• Maruti Suzuki India: The auto major recalled 11,185 units of the Baleno and 4,190 units of the Wagon R due to a possible fuel pump motor defect.
• Dr Reddy’s Laboratories: The firm has entered into a license agreement with US-based biopharmaceutical company Pharmazz, Inc. to commercialize Centhaquine in India.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 3,309.76 crore. Domestic institutional investors (DIIs) bought Rs 3,764.87 crore worth of stocks on March 22, provisional data from the NSE showed.

Bulk Deals

• Sundaram Finance: Sundaram Finance Ltd sold 79,51,529 shares at Rs 191 per share.
• Savita Oil Technologies: SBI Mutual Fund bought 20,73,000 shares at Rs 408 per share. Mehra Syndicate sold 20,73,000 shares at Rs 408 per share.
• DB Realty Limited: Pinnacle Investments sold 30,00,000 shares at Rs 205.37 per share.

Stock under F&O ban on NSE

The NSE has retained Biocon, SAIL, Tata Chemicals, and Zee Entertainment Enterprises to the F&O ban list for March 26. Balrampur Chini Mills, Indus Towers, and Piramal Enterprises were removed from the said list.

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.