GIFT Nifty Opening Update
GIFT Nifty opened today at 24,127.00. It is up 143.00 points (0.59%) from yesterday’s close of 24,044.00— so the trend is positive.
Indian benchmark indices, the Sensex and Nifty 50, concluded their two-session decline on Wednesday, buoyed by favourable global indicators and a decline in crude oil prices, which enhanced investor sentiment. The Sensex increased by 443.97 points, representing a rise of 0.58%, concluding at 76,922.64. Throughout the trading session, the 30-share benchmark experienced a notable increase, climbing by 631.41 points, or 0.82%, reaching an intraday peak of 77,110.08. Meanwhile, the Nifty 50 concluded the trading session in positive territory, advancing by 140.10 points, or 0.59%, to reach a final value of 24,005.85.
However, the market is likely to open positively as trends in the Gift Nifty index signalled a favourable start on Thursday, 2 July. Gift Nifty was trading near the 24,187.5 mark, down over 95 points from the previous close of Nifty futures. “Indian equity markets are expected to trade with a cautious undertone as investors weigh encouraging geopolitical developments against weak global market cues. Qatar has stated that the latest round of indirect U.S.–Iran talks has made “positive progress,” keeping hopes of a broader diplomatic resolution alive. However, sentiment across Asian markets remains subdued following a sharp sell-off in U.S. technology stocks, with Japan’s Nikkei declining nearly 2% in early trade and South Korea’s Kospi falling by more than 6%, reflecting a cautious global risk environment,” said Ponmudi R.
As the market indicates a favourable opening, certain stocks are expected to attract attention on Thursday owing to their individual positive or negative catalysts.
Stocks to Monitor:
- Bharti Airtel – Airtel Money, the non-banking financial company (NBFC) arm of Bharti Airtel, has commenced commercial operations following the acquisition of a licence from the Reserve Bank of India.
- Indian Bank on Wednesday reported a 13.6% year-on-year growth in total business, which rose to Rs 15.28 lakh crore for the quarter ended June 30.
- Lupin, the pharmaceutical company, announced on Wednesday that the European Medicines Agency (EMA) has approved the expansion of NaMuscla’s marketing authorisation, enabling its use in paediatric patients suffering from non-dystrophic myotonic disorders (NDM).
- Coal India has obtained a Letter of Award (LoA) valued at Rs 2,831.11 crore from Bundelkhand Saur Urja Limited for the establishment of a 600 MW solar power facility.
- Bharat Petroleum Corporation Ltd on Wednesday announced that it has entered into definitive agreements to acquire the entire stake held by Videocon Energy Brazil Ltd (VEBL) in IBV Brazil Petroleo Limitada.
- Tata Technologies has broadened its global alliance with Tenneco LLC to expedite mobility transformation initiatives. As part of the collaboration, Tenneco is anticipated to allocate more than $100 million over the forthcoming five years.
- Hero Motocorp has announced the establishment of its second Global Parts Centre (GPC) in Tirupati, Andhra Pradesh, with an investment exceeding Rs 750 crore. This brings the total investment commitment in the state to over Rs 3,200 crore.
- Punjab & Sind Bank reported a 15.33% year-on-year increase in total business for the quarter ending June 30, propelled by strong growth in both advances and deposits, as indicated in its provisional business update.
- NMDC reported iron ore production of 5.15 million tonnes in June, compared with 3.57 million tonnes in the same month a year ago.