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Published 07:53 IST, October 9th 2024

Gift Nifty indicates stable start for Indian markets amid strong global cues

Foreign institutional investors continued on their selling spree as they sold shares worth Rs 5,730 crore on Tuesday

Reported by: Business Desk
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Most of the Asian markets were trading higher with Japan's Nikkei rising 0.68 per cent | Image: Stock Market

Gift Nifty today: The Indian equity benchmarks are set to open higher on Wednesday as indicated by Nifty futures traded at Gift City in Gandhinagar amid strong cues from global markets. Nifty futures at Gift City rose 13 points to 25,165.

Most of the Asian markets were trading higher with Japan's Nikkei rising 0.68 per cent, Australia's S&P ASX 200 index advancing 0.2 per cent and South Korea's KOSPI declining 0.61 per cent.

Mainland China stocks opened sharply lower Wednesday and were poised to snap a 10-day winning streak after officials failed to inspire confidence in stimulus plans intended to revive the economy.

The benchmark Shanghai Composite index fell 4.6 per cent while the blue-chip CSI300 Index dropped more than 5 per cent.

The A-share market comprised of stocks listed in Shanghai, Shenzhen and Beijing had a roller-coaster ride a day earlier after returning from a week-long holiday break, with turnover hitting a record 3.485 trillion yuan ($493.17 billion) on Tuesday.

Back home, foreign institutional investors continued on their selling spree as they sold shares worth Rs 5,730 crore on Tuesday while domestic institutional investors bought shares worth Rs 7,001 crore, provisional data from National Stock Exchange showed.

FIIs have so far this month sold shares worth Rs 44,914 crore as per data from NSDL.

Stocks to Watch

Dr Reddy's Laboratories: Aurigene Oncology, a subsidiary of Dr Reddy's, has shared Phase 1 results for its BCMA-directed CAR-T cell therapy, Ribrecabtagene autoleucel (DRL-1801), under the SWASTH study. With approval from the Drugs Controller General of India, the company is set to begin Phase 2. Notably, SWASTH is India’s first trial for autologous CAR-T cell therapy in relapsed/refractory multiple myeloma cases.

Nuvama Wealth Management: SEBI issued an administrative warning to the company following an inspection of its merchant banking activities. Nuvama Wealth clarified that this has no material impact on its financials, operations, or other activities.

IRB Infrastructure: The company, along with IRB Infrastructure Trust, reported a 19.2 per cent YoY increase in toll revenue for September, totaling Rs 501.8 crore, up from Rs 421 crore in the same period last year.

Indian Railway Finance Corporation (IRFC): The IRFC Board has approved financing up to Rs 700 crore for 20 BOBR rakes under the Ministry of Railways' GPWIS scheme for NTPC. Additionally, Ajoy Choudhury has been appointed as Chief Risk Officer for a two-year term.

Bharti Airtel: The telecom giant addressed media speculation regarding its interest in acquiring Tata Play from the Tata Group. Airtel clarified that it continuously evaluates opportunities for strategic alliances and acquisitions but currently has no material updates to disclose.

JSW Infrastructure: Arun Maheshwari, Joint Managing Director and CEO, will step down effective November 7, 2024, to take on a new role within the JSW Group. He will remain on the company’s board as a Non-Executive Director. Rinkesh Roy, currently President, will assume the role of Joint Managing Director and CEO from November 8.

Torrent Power: The company secured a long-term contract from Maharashtra State Electricity Distribution Company (MSEDCL) to provide 2,000 MW energy storage capacity from its pumped hydro storage plant. This includes 1,500 MW previously allotted in September and an additional 500 MW under the latest tender.

Infosys: The tech giant has partnered with Old National Bank, listed on Nasdaq, for strategic growth. The collaboration aims to enhance operations transformation and process digitization through Infosys' automation and generative AI (GenAI) solutions.

Updated 07:55 IST, October 9th 2024