GIFT Nifty Opening Update
GIFT Nifty opened today at 23,958.50. It is down 28.50 points (0.12%) from yesterday’s close of 23,954.00— so the trend is negative.
The Indian stock market concluded Monday’s session with losses as investors opted to realise profits. The upward trend in crude oil prices, influenced by escalating tensions between the US and Iran, negatively impacted market sentiment. The Sensex declined by 372.10 points, representing a decrease of 0.48%, to close at 76,728.37. Meanwhile, the Nifty 50 fell by 109.75 points, or 0.46%, concluding the session at 23,946.25. However, the market is likely to open mildly positive as trends in the Gift Nifty index signalled a cautious undertone on Tuesday, 30 June. Gift Nifty was positioned around the 24,011 level, reflecting a decline of more than 38 points from the prior closing of Nifty futures.
“Indian equity markets are expected to trade with a cautious bias as investors closely monitor renewed geopolitical tensions ahead of the next round of U.S.–Iran negotiations. Crude oil prices continue to hold on to their recent gains, with Brent trading in the $70–71 per barrel range following the latest military exchanges between the United States and Iran over the weekend. Investor attention is now firmly focused on the upcoming negotiations in Doha, with hopes that diplomatic progress will help ease regional tensions. However, any escalation or disruption to shipping through the Strait of Hormuz could reignite concerns over energy supplies, inflation and global risk sentiment, making developments in the region the key market driver in the sessions ahead,” said Ponmudi R.
As the market indicates a favourable opening, certain stocks are expected to attract attention on Tuesday owing to their individual positive or negative catalysts.
Stocks to Monitor:
- HDFC Bank has appointed former Financial Services Secretary Rajiv Kumar as its part-time chairman for a four-year term, effective June 30. The Reserve Bank of India has approved the appointment, as stated by the lender in a filing late on Monday.
- Bajaj Auto has announced that its share buyback offer will open for tender on July 1 and conclude on July 7, following shareholder approval of the proposal earlier this month.
- Yes Bank announced that its board has sanctioned a proposal to raise as much as 7,500 crore through the issuance of eligible securities, along with an additional 8,500 crore through debt securities, contingent upon obtaining the requisite shareholder and regulatory approvals.
- RITES has announced the entry into a Memorandum of Understanding with Container Corporation of India Ltd to collaboratively provide project management consultancy services for logistics infrastructure projects.
- SIS has, in principle, approved a proposal to buy back shares worth up to Rs 120 crore, marking its fifth share buyback since its listing in August 2017.
- Sterling & Wilson Renewable Energy disclosed that its 50:50 joint venture with Hassan Allam Construction has received a Letter of Award (LoA) valued at approximately $560 million for the West Minya Solar Project in Egypt.
- SJVN has entered into Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam (GUVNL) to supply electricity from three upcoming hydroelectric projects in Himachal Pradesh: the 66 MW Dhaulasidh HEP, 210 MW Luhri Stage-I HEP, and 382 MW Sunni Dam HEP.
- Afcons Infrastructure – The Board has put forth a recommendation for a final dividend of Rs 2 per share for FY25-26. The company has established July 23 as the record date to ascertain shareholders’ eligibility for the proposed dividend, contingent upon its approval at the 50th Annual General Meeting.
- Bharat Petroleum Corporation is poised to acquire a 40% stake in Tiki Tar and Shell India Private Ltd. (TTSIPL) for Rs 85 crore, signifying its entry into India’s swiftly growing value-added bitumen (VAB) sector. The initiative is designed to leverage the nation’s strong infrastructure development and the expansion of road construction, the company stated on Tuesday.