GIFT Nifty Opening Update
GIFT Nifty opened today at 24,062.00. It is down 7.00 points (0.03%) from yesterday’s close of 24,096.50— so the trend is negative.
Indian benchmark indices concluded the trading session on Thursday, 25 June, with a slight uptick, having surrendered a significant portion of their intraday gains as a result of profit-taking at elevated levels. The Sensex advanced 109.25 points, or 0.14%, to close at 77,100.47, while the Nifty 50 gained 34.35 points, or 0.14%, to settle at 24,056.00. The domestic stock market was closed on Friday in observance of Muharram. However, the market is likely to open lower as trends in the Gift Nifty index signalled a cautious undertone on Monday, 29 June. Gift Nifty was positioned around the 24,087 level, reflecting a decline of more than 15 points from the prior closing of Nifty futures.
“Indian equity markets are expected to trade on a cautious note following a renewed flare-up in geopolitical tensions after fresh military exchanges between the US and Iran. Although both sides have reportedly agreed to halt further attacks following the latest escalation, the developments have reintroduced an element of uncertainty into global financial markets and are likely to keep investor sentiment guarded in the near term,” said Ponmudi R.
As the market indicates a negative opening, certain stocks are expected to attract attention on Monday owing to their individual positive or negative catalysts.
Stocks to Monitor:
- HDFC Bank announced on Friday that an independent legal review conducted by two external law firms found no evidence to substantiate the allegations made by former chairman Atanu Chakraborty in his resignation letter.
- Torrent Power has successfully finalised the acquisition of a complete stake, encompassing equity shares and convertible instruments, in Nabha Power from L&T Power Development for a total consideration of Rs 3,632.35 crore.
- Indian Railway Finance Corporation – The Centre’s Offer for Sale (OFS) in Indian Railway Finance Corporation (IRFC) attracted strong investor interest, allowing the government to secure approximately Rs 2,084 crore and subsequently activating the greenshoe option.
- Dr Reddy’s announced that the USFDA has completed a Pre-License Inspection (PLI) of its biologics manufacturing facility located in Bachupally, Hyderabad, and has issued seven observations.
- Strides Pharma Science announced on Saturday its decision to divest a majority stake in its wholly-owned subsidiary, Pivot Path, to a consortium of investors led by Ascent Capital, with co-investor Vintage, in a transaction valued at Rs 100 crore.
- Persistent Systems, through its subsidiary Galaxy Germany Holding SE (BidCo), has entered into a Share Purchase Agreement with Germany-based Lantano Beteiligungen GmbH to acquire its 21% stake in Germany-listed Nagarro SE at a price of EUR 81 per share.
- IIFL Finance – The board has approved a proposal to raise up to 10,000 crore through equity and other eligible securities. It also approved the doubling of the limit for its global medium-term note programme while enhancing the company’s overall borrowing capacity.
- Godrej Industries, in a regulatory filing, stated that it has made an additional investment in its wholly owned subsidiary, Godrej Investment Ltd (GIVL).
- BEML has secured an additional export order valued at approximately $5.35 million from a Middle Eastern customer for the supply of heavy earth-moving equipment to support infrastructure development projects.
- PTC Industries – The board of PTC Industries has sanctioned a fundraising initiative of up to Rs 1,800 crore via a qualified institutional placement (QIP), preferential issue, and other methods. It also cleared loans, guarantees, securities, and investments amounting to Rs 2,000 crore. Additionally, the board sanctioned an increase in the company’s borrowing limit to Rs 600 crore from the current Rs 350 crore.