Stock Market Today: GIFT Nifty Indicates Flat Start for Indian Indices


by Sandip Das on 9 May 2024,  4 min read


The Indian stock market ended on a flat note on May 8, 2024. At close, Sensex was down 45 points at 73,466.39 while Nifty ended at 22,299, down 0.02 percent.

Around 2,128 stocks advanced, and 1,667 stocks declined while 131 shares stocks remained unchanged.

Among the sectors, Nifty Oil & Gas was the gainer adding 1.7 percent, followed by Nifty Metal and Auto, each up 1.48 percent. On the other hand, Nifty Private Bank witnessed a fall of 0.8 percent.

GIFT Nifty

Trends in the GIFT Nifty indicate a flat start for the broader index in India.

US Markets

The Dow Jones Industrial Average ended higher on Wednesday, stretching its winning streak to six straight sessions and closing above 39,000 points for the first time in five weeks, as investors kept betting on supportive US monetary policy.

The Dow Jones Industrial Average rose 172.13 points, or 0.44 percent, to 39,056.39. The S&P 500 lost 0.03 points to 5,187.67. The Nasdaq Composite lost 29.80 points, or 0.18 percent, to 16,302.76, according to a Reuters report.

Asian Markets

Asian shares steadied on Thursday after solid Chinese trade data added to signs domestic demand in the world’s second-largest economy is picking up, while the yen stabilised after three days of declines as Japan talked up potential currency interventions. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, hovering not far from a 15-month high hit earlier in the week after Fed Chair Jerome Powell reiterated a stance for policy easing later this year. Hong Kong’s Hang Seng index was up 1.2 percent while Japan’s Nikkei rose 0.5 percent, according to a Reuters report.

Also read: Hero MotoCorp Q4 Profit Rises 18% to Rs 1,016 cr, Declares Dividend of Rs 40/share
Stocks in News
  • Larsen and Toubro: The infrastructure major has recorded a net profit of Rs 4,396 crore for the quarter ended March FY24, growing 10 percent over the year-ago period with a healthy topline, but the operating margin was weak. Revenue from operations increased by 15 percent on-year to Rs 67,079 crore for the quarter.
  • Tata Power: The Tata Group company reported consolidated net profit at Rs 895.2 crore for March FY24 quarter, growing 15.1 percent over the corresponding period of previous fiscal despite lower operating margin that impacted by cost of fuel. Revenue from operations jumped 27.2 percent on-year to Rs 15,846.6 crore for the quarter.
  • TVS Motor: The two-and-three-wheeler maker has recorded a standalone net profit at Rs 485.4 crore for March FY24 quarter, rising 18.3 percent over the same period previous fiscal, with healthy topline and operating numbers. Revenue from operations grew by 23.7 percent YoY to Rs 8,168.8 crore for the quarter.
  • HDFC Life Insurance Company: The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the appointment of Keki Mistry as chairman of the board of the company.
  • BSE: The exchange has recorded consolidated net profit at Rs 106.9 crore for the January-March quarter of FY24, rising 20.6 percent over the corresponding period of the previous fiscal with healthy topline growth but impacted by a provision of Rs 169.77 crore for SEBI regulatory fee. Revenue from operations grew by 110.4 percent on-year to Rs 544.8 crore for the quarter.
FII and DII data

Foreign institutional investors (FIIs) net sold Rs 6,669.10 crore shares, while domestic institutional investors (DIIs) pumped in Rs 5,928.81 crore on May 8.

Stocks under F&O ban on NSE

Canara Bank, Piramal Enterprises, Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, Vodafone Idea, Punjab National Bank, SAIL, and Zee Entertainment Enterprises.

Source: NSE

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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

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