Stock Market News: Trends on GIFT Nifty Indicate Negative Opening

The Indian stock market ended on a positive note on May 10, 2024, with Sensex adding 260 points to 72,665, while Nifty50 added 98 points to 22,055.

Nifty Metal was up 1.5 percent, with FMCG, Auto, and Pharma up 1 percent each. Nifty IT led losses, down 0.8 percent, trailed by Nifty Realty and Nifty PSU Bank, both down 0.4 percent and 0.3 percent respectively.

GIFT Nifty

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

US Markets

US stocks eked out modest gains on Friday and all three indexes posted another weekly advance as investors parsed comments from Federal Reserve officials and looked ahead to crucial inflation data next week. The S&P 500 and the Dow were modestly higher, and the Nasdaq ended essentially unchanged. All three indexes were up for the week with the blue-chip Dow nabbing its largest Friday-to-Friday percentage advance since mid-December.

The Dow Jones Industrial Average rose 125.08 points, or 0.32 percent, to 39,512.84. The S&P 500 gained 8.6 points, or 0.16 percent, to 5,222.68. The Nasdaq Composite dropped 5.40 points, or 0.03 percent, to 16,340.87, Reuters reported.

Asian Markets

Asian shares crept to 15-month highs on Monday in a week where inflation figures could make or break hopes for earlier U.S. rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world’s No. 2 economy. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent, after rallying for three weeks straight. Japan’s Nikkei was flat, still saddled with speculation further losses for the yen could lead the Bank of Japan to raise rates in the next few months, according to a Reuters report.

Results Today

UPL, DLF, Zomato, Jindal Steel & Power, Varun Beverages, Aditya Birla Capital, BLS E-Services, Chalet Hotels, GIC Housing Finance, Ind-Swift Laboratories, INOX India, CE Info Systems, and Tube Investments of India.

Stocks in News

• Tata Motors: The passenger and commercial vehicles maker has recorded consolidated net profit at Rs 17,407 crore for quarter ended March FY24, growing 222 percent over corresponding period of previous fiscal driven tax credit of Rs 8,159 crore and strong operating numbers. Revenue from operations grew by 13.3 percent year-on-year to Rs 1,19,986 crore for the quarter.
• Eicher Motors: The automobile company has reported standalone net profit at Rs 983.3 crore for March FY24 quarter, growing 32 percent over the same period of previous fiscal, backed by strong operating numbers. Revenue from operations grew by 9.4 percent YoY to Rs 4,192 crore for the quarter.
• Union Bank of India: The public sector lender has registered a 19 percent on-year growth in net profit at Rs 3,311 crore for the fourth quarter of fiscal year 2024, with 20 percent on-year decline provisions. Net interest income grew by 14.4 percent year-on-year to Rs 9,437 crore for the quarter.
• ICICI Bank: Bijith Bhaskar has resigned as Head – Cards, Payment Solutions, E-Commerce Ecosystem, Merchant Ecosystem, Consumer Finance of the bank. He was a part of the Senior Management Personnel Group.
• Zydus Lifesciences: The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to market Dexamethasone tablets in the US. Dexamethasone is used to treat conditions such as arthritis, blood/hormone disorders, allergic reactions, skin diseases, eye problems, breathing problems, bowel disorders, cancer and immune system disorders.

FII and DII data

Foreign institutional investors (FIIs) net sold Rs 2,117.50 crore shares, while domestic institutional investors (DIIs) pumped in Rs 2,709.81 crore worth shares on May 10, provisional data from the NSE showed.

Stocks under F&O ban on NSE

Hindustan Copper, Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Punjab National Bank, SAIL, and Zee Entertainment Enterprises.

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