Advertisement

Updated December 26th, 2023 at 08:00 IST

Nifty set to open higher as indicated by GIFT Nifty; Adani Green, Bank of Baroda in focus

GIFT Nifty futures rose 31 points to 21,416 amid subdued cues from other Asian markets.

Reported by: Business Desk
NSE
On Friday, Nifty 50 rose by 0.44 per cent to reach 21,349.40 | Image:NSE
Advertisement

The Indian equity benchmarks are set to open higher as indicated by the Nifty futures traded on GIFT Nifty on International Financial Services Centre (IFSC) in Gandhinagar. GIFT Nifty futures rose 31 points to 21,416 amid subdued cues from other Asian markets.

Most of the Asian markets were trading on a subdued note as Japan’s Nikkei fell 0.07 per cent, Hong Kong's Hang Seng declined 1.72 per cent, China's Shanghai Composite index declined 0.3 per cent and South Korea’s KOSPI fell 0.09 per cent.

Advertisement

Oil was trading on a flat note on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the US Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand.

Brent crude futures fell 26 cents, or 0.3 per cent, to $79.13 a barrel while US West Texas Intermediate crude was at $73.59 a barrel, up 3 cents.

Advertisement

Back home, foreign institutional investors sold shares worth Rs 2,829 crore on Friday while domestic institutional investors bought shares worth Rs 2,166 crore.

On Friday, Nifty 50 rose by 0.44 per cent to reach 21,349.40, while the S&P BSE Sensex increased by 0.34 per cent to 71,106.96.

Advertisement

The gains were primarily driven by the performance of information technology and metal stocks. Despite these positive moves, the benchmarks experienced a halt to a seven-week winning streak, the longest in six years, due to profit booking at record high levels earlier in the week.

The rupee staged strength against the US dollar, recording a 0.16 per cent increase and quoting at 83.14 per dollar. The upward movement was supported by dollar sales from two major foreign banks, likely acting on behalf of custodian clients.

Advertisement

Stocks in focus

Zydus Lifesciences: The company underwent a USFDA inspection at its Active Pharmaceutical Ingredient (API) site in Ahmedabad from December 14 to 22, resulting in the issuance of six observations.

Advertisement

Bank of Baroda: The state-run lender increased its stake in the Open Network for Digital Commerce (ONDC) from 5.56 per cent to 8.51 per cent by investing Rs 30 crore.

Polycab India: The Income Tax Department initiated search operations at the premises of Polycab India, a leading player in the electrical industry.

Advertisement

Aurobindo Pharma: The company recently underwent a pre-approval inspection by the US FDA at its US-based unit, Eugia, from December 11 to 22. The inspection concluded with the company receiving 10 observations.

Adani Power: The company saw progress in its resolution plan for Coastal Energen as a consortium of Adani Power received a letter of intent from the resolution professional. This development followed the approval of the resolution plan by lenders.

Advertisement

Adani Green Energy: The company successfully finalised a power purchase agreement with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. Additionally, the company concluded power offtake tie-ups for the entire 8,000 MW manufacturing-linked solar tender awarded by SECI.

Advertisement

Published December 26th, 2023 at 07:40 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

Advertisement
Advertisement
Advertisement
Whatsapp logo