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

The Indian stock market ended in the green on May 2, 2024. At close, Sensex was up 128 points at 74,611 while Nifty added 43 points and ended the session at 22,648 mark.

Across sectors, the Auto, Metal, Oil & Gas, and Power industries each saw a 1 percent increase, whereas the Bank and Realty sectors closed with slight declines. The BSE midcap index reached a new peak, concluding with a 1 percent rise, while the smallcap index showed a 0.3 percent increase.

GIFT Nifty

Trends on GIFT Nifty indicate a flat start for Indian indices.

US Markets

A gauge of global stocks climbed on Thursday after the Federal Reserve indicated it was leaning toward a dovish stance, while the dollar retreated against the yen after another suspected round of intervention by the Bank of Japan. On Wall Street, US stocks closed with solid gains, after Fed Chair Jerome Powell said that while recent inflation readings mean it will likely take longer than expected for central bank officials to become comfortable that inflation will resume its decline, interest rate increases also remained unlikely.

The Dow Jones Industrial Average rose 322.37 points, or 0.85%, to 38,225.66. The S&P 500 gained 45.81 points, or 0.91%, to 5,064.20. The Nasdaq Composite gained 235.48 points, or 1.51%, to 15,840.96, according to a Reuters report.

Asian Markets

Hong Kong and Taiwan stocks led gains in Asia on Friday as Wall Street rose overnight, ahead of key US employment data. Shares of Apple suppliers were in focus after the company reported higher-than-expected earnings. South Korea’s Kospi rose 0.39%, while the smaller-cap Kosdaq added 0.28%. The Taiwan Weighted Index rose 1.41%, while Hong Kong’s Hang Seng index added 2%. Stock markets in Japan and mainland China were shut for public holidays, according to a CNBC.com report.

Also read: US Fed Meeting News: Jerome Powell Holds Interest Rates Steady With Cautious Approach

Stocks in the news

• Coal India: The country’s largest coal mining firm has recorded consolidated net profit at Rs 8,640.5 crore for the quarter ended March FY24, rising sharply by 25.8 percent over a year-ago period despite weak topline, aided by strong operating numbers with fall in input cost and employee expenses. Revenue from operations fell by 1.9 percent on-year to Rs 37,410.4 crore for the quarter.
• Coforge: The IT services company has recorded consolidated net profit at Rs 229.2 crore for the March FY24 quarter, falling 5.6 percent compared to previous quarter, impacted by weak operating numbers. Revenue from operations grew by 1.5 percent sequentially to Rs 2,358.5 crore for the quarter.
• Jubilant Pharmova: The company has approved the appointment of Harsher Singh as CEO of radiopharma business.
• Ajanta Pharma: The specialty pharmaceutical formulation company has reported consolidated net profit at Rs 203 crore for quarter ended March FY24, rising sharply by 66 percent over same period previous fiscal. Revenue from operations grew by 20 percent to Rs 1,054 crore during the same period.
• MOIL: The company’s manganese ore production in April 2024 increased by 22 percent year-on-year to 1.60 lakh tonnes, while sales grew by 17 percent on-year to 1.15 lakh tonnes during the month.

FII and DII data

Foreign institutional investors (FIIs) net sold Rs 964.47 crore shares, while domestic institutional investors (DIIs) pumped in Rs 1,352.44 crore on May 2, provisional data from the NSE showed.

Stocks under F&O ban on NSE

Aditya Birla Fashion & Retail, Biocon and Vodafone Idea.

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