Stock Market Today: Trends in GIFT Nifty Indicate Positive Start


by Sandip Das on 10 May 2024,  3 min read


The Indian stock market ended deep in the red on May 9, 2024, as bears took control of Dalal Street. At close, Sensex declined 1062.22 points at 72,404.17 while Nifty tumbled 318.95 points and ended the session at 21,983.55.

Around 929 stocks advanced, and 2,902 stocks declined while 112 stocks remained unchanged.

Among the sectors, barring the auto index, all other sectors ended in the red. The top losers were Oil & Gas, FMCG, Metals, Pharma, and Realty which shed 2-3 percent.

GIFT Nifty

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

US Markets

The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major US indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.

The S&P 500 gained 26.41 points, or 0.51 percent, to 5,214.08 points. Nasdaq Composite gained 43.51 points, or 0.27 percent, to 16,346.27. The Dow Jones Industrial Average rose 331.37 points, or 0.85 percent, to 39,387.76, according to a Reuters report.

Asian Markets

Asian stocks rose on Friday, on course for a third week of gains, while the dollar was on the back foot as fresh signs of an easing US labour market stoked optimism around interest rate cuts this year ahead of next week’s crucial inflation data.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.66 percent and was on course for a nearly 1 percent gain for the week, its third straight week of gains. Japan’s Nikkei was 1.6 percent higher, according to a Reuters report.

Stocks in News
  • Infosys: The company announced a strategic three-year partnership with the ABB FIA Formula E World Championship, the global motorsport championship for electric cars, as its official Digital Innovation Partner.
  • Brigade Enterprises: The firm inked an agreement for a prime land parcel located on Old Madras Road in Bengaluru. The project is spread across 4.6 acres, and the total development potential of the residential project will be around 0.69 million square feet with a gross development value of Rs 660 crore.
  • Happiest Minds Technologies: The company signed a definitive agreement to acquire a 100 percent stake in the United States-based digital product engineering company, Aureus Tech Systems, for $8.5 million.
  • Tata Steel: The company has raised its stake in the arm of Indian Steel & Wire to 98.61 percent.
  • NTPC: The firm said it has achieved 20 percent torrefied biomass co-firing at Tanda thermal plant in Uttar Pradesh. The NTPC has established co-firing of 7-10 percent non- torrefied biomass with coal at NTPC Dadri.
  • Shyam Metallics: Realizations on the sale of stainless steel increased by 54.46 percent as compared to the previous year for Shyam Metallics. Stainless steel volumes increased by 33.68 percent on a year-over-year basis while stainless steel volumes grew 17.45 percent on a MoM basis.
  • One 97 Communications: The firm has denied media reports about its lending partners invoking loan guarantees due to repayment defaults, stating that it acts only
    as a loan distributor without providing first-loss default guarantees.
FII and DII data

Foreign institutional investors (FIIs) net sold Rs 6,994.86 crore shares, while domestic institutional investors (DIIs) bought Rs 5,642.53 crore worth shares on May 9.

Stocks under F&O ban on NSE

The NSE has retained Aditya Birla Fashion & Retail, Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Piramal Enterprises, Punjab National Bank, SAIL, and Zee Entertainment Enterprises to the F&O ban list for May 10.

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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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