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Updated January 10th, 2024 at 08:35 IST

Nifty set to open lower as indicated by GIFT Nifty amid mixed global cues

Foreign institutional investors sold shares worth Rs 991 crore on Tuesday while domestic institutional investors bought shares worth Rs 104 crore.

Reported by: Business Desk
Nifty, Sensex hit new highs on state elections boost
Nifty, Sensex hit new highs on state elections boost | Image:Republic World
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Pre-market: Indian equity benchmarks are set to open lower as indicated by Nifty futures traded on GIFT Nifty on International Financial Services Centre (IFSC) in Gandhinagar. GIFT Nifty futures fell 0.25 per cent or 55 points to 21,570 amid mixed cues from Asian markets.

Japan's Nikkei surged to highest level in 34 years while Hing Kong's Hang Seng was trading on a flat note. South Korea's KOSPI declined 0.71 per cent, Taiwan Weighted declined 0.25 per cent and China's Shanghai Composite was little changed.

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Overnight, US stocks ended lower with Dow Jones declining 0.42 per cent, S&P 500 falling 0.15 per cent while Nasdaq ended on a flat note.

Image credit: Republic

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Back home, Sensex and Nifty ended higher for second straight session but turned highly volatile in the last hour of trade owing to heavy selling pressure in banking and financial services shares.

Foreign institutional investors sold shares worth Rs 991 crore on Tuesday while domestic institutional investors bought shares worth Rs 104 crore.

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Stocks in focus

Mahindra and Mahindra: The country’s largest utility vehicle maker is set to collaborate with the US-based automobile technology company, Mobileye, for the development of software solutions and the exploration of a comprehensive autonomous driving system.

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Power Finance Corp: The company has received a no-objection letter from the Reserve Bank of India, allowing the establishment of a finance company within the International Financial Services Centre located in GIFT City, Gujarat.

Polycab India: The company has refuted media reports suggesting tax evasion, asserting that it has not been officially informed by the income-tax department regarding the outcomes of any search.

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Steel Strips Wheels: The wheel rim maker has gained approval from the National Company Law Tribunal for the acquisition of AMW Autocomponent. Additionally, the company has invested Rs 138.15 crore in AMW Autocomponent, comprising Rs 5 crore in equity and an inter-corporate loan of Rs 133.15 crore.

Vedanta Ltd: Moody's has downgraded the ratings of Vedanta Resources, the parent company of Vedanta, citing a high risk of default.

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Delta Corp: The company witnessed a significant drop in net profit, which more than halved to Rs 34.48 crore in the December quarter.

Navin Fluorine: Life Insurance Corporation of India has increased its stake in Navin Fluorine International to 5.037 per cent from 4.792 per cent.

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Zee Entertainment: In bulk deals, European financial services company Societe Generale sold Zee Entertainment Enterprises shares worth Rs 216 crore.

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Published January 10th, 2024 at 08:31 IST

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