Stock Market Today: Indian Share Market Likely to Open Flat Tracking GIFT Nifty


by Sandip Das on 7 May 2024,  3 min read


The Indian equity market ended on a flat note on May 6, 2024. At close, Sensex was up 17.39 points or 0.02 percent at 73,895.54. Nifty slipped 33.15 points or 0.15 percent at 22,442.70. Around 1s294 stocks advanced and 2627 stocks declined while 172 shares remained unchanged.

Among the sectoral indices, the Nifty Realty index jumped 2.76 percent. Among the losers, Nifty PSU Bank index dropped 3.66 percent while Consumer Durables and Oil & Gas lost 2.55 percent and 1.75 percent respectively.

India VIX zoomed 13.54 percent at 16.6 level.

GIFT Nifty

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

US Markets

US stock indexes closed higher on Monday, their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year. Expectations for rate cuts by the US central bank have been tempered as the year has progressed, as inflation has proven stickier, and some investors had begun to worry they might not materialize at all, sending markets lower in April.

The Dow Jones Industrial Average rose 176.59 points, or 0.46 percent, to 38,852.27. The S&P 500 gained 52.95 points, or 1.03 percent, to 5,180.74. The Nasdaq Composite gained 192.92 points, or 1.19 percent, to 16,349.25, according to a Reuters report.

Asian Markets

Asian shares made 15-month highs on Tuesday on renewed confidence of US interest rate cuts, while traders waited on a policy meeting in Australia later in the day and had a close eye on a falling yen. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 percent in early trade. Hong Kong shares traded marginally lower, having ridden a wave of heavy buying from mainland investors to lift the Hang Seng index more than 14 percent higher in a 10-day winning streak, its longest since 2018, according to a Reuters report.

Also read: Top Stocks to Buy For Up To 14% Upside
Stocks in the news
  • Godrej Consumer Products: The FMCG company has posted net loss at Rs 1,893.2 crore for quarter ended March FY24 despite healthy operating numbers, impacted by exceptional loss of Rs 2,375.65 crore for the quarter (against exceptional loss of Rs 22.2 crore in year-ago period). In Q4FY23, it had recorded profit of Rs 452.1 crore. Revenue from operations grew by 5.8 percent on-year to Rs 3,385.6 crore for the quarter.
  • Novelis Inc: The aluminum solutions provider and subsidiary of Hindalco Industries recorded net income at $166 million for March FY24 quarter, growing 6 percent over a year-ago period and net income excluding special items grew by 2 percent YoY to $179 million. However, net sales declined 7 percent year-on-year to $4.1 billion for the fourth quarter of fiscal year 2024, driven by lower average aluminum prices, partially offset by higher total shipments.
  • Gujarat Gas: The city gas distribution company has registered 86 percent quarter-on-quarter growth in net profit at Rs 409.5 crore for the quarter ended March FY24, driven by reduction in spot gas prices and increase in volumes. Revenue from operations (excluding excise duty) grew by 5.2 percent sequentially to Rs 4,134.2 crore for the quarter.
  • Lupin: The global pharma company has recorded consolidated net profit at Rs 359.4 crore for the fourth quarter of financial year 2024, growing 52.3 percent over the corresponding period of previous fiscal. Revenue from operations increased by 12 percent on-year to Rs 4,960.8 crore for the quarter.
  • Gujarat Fluorochemicals: The chemical company has reported consolidated net profit at Rs 101 crore for March FY24 quarter, falling sharply by 70 percent compared to year-ago period. Revenue from operations for the quarter stood at Rs 1,133 crore, declining 23 percent compared to same period previous fiscal.
FII and DII Data

FIIs sold shares worth Rs 2,168.75 crore. DIIs bought in Rs 781.39 crore worth of stocks on May 6.

Results today

Dr Reddy’s Labs, PB Fintech, JSW Energy, Voltas, Delta Corp, Graphite India, Indraprastha Gas, IRB Infrastructure, Jindal Saw, KEC International, Max Financial.

Stocks under NSE F&O ban

SAIL, Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, Vodafone Idea.

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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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