Gift Nifty forecasts a stronger stock opening with strong signals from Asian markets.

Gift Nifty signals robust opening as Asian markets gain strength.

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 07, 2024

Summary: Following shocking US labor data that resolved recession fears, Asian equities rose on Monday as the dollar hit a new seven-week high against the yen.

Gift Nifty futures bought at Gift City in Gandhinagar suggest that the Indian market benchmarks are expected to open higher. Strong signals from other Asian markets helped the Gift Nifty rise 71 points, or 0.28 percent, to $25,255.

On Monday, when unexpectedly strong US labor data eased worries of a recession and sharply reduced bets on rate cuts, Asian stocks surged and the dollar hit a new seven-week high against the yen.

Following the much-awaited non-farm payrolls report on Friday, which revealed the economy unexpectedly gained the most jobs in six months in September, short-term US Treasury yields increased.

Crude oil prices dropped from a one-month high on Monday, the first anniversary of the Hamas strike that started the war, as Israel bombed targets in the Gaza Strip and Lebanon.

Japan's Nikkei led regional market gains, rising 2%, with the cheaper yen adding to the impetus. South Korea's Kospi index jumped 0.29 percent, while Australia's market benchmark increased 0.12 percent.

The Hang Seng in Hong Kong was still closed as of Tuesday, and Chinese markets on the mainland are closed for the Golden Week holiday.

According to initial data from the National Stock Exchange, domestic institutional investors purchased shares worth Rs 8,905 crore on Friday, while foreign institutional investors sold shares worth Rs 9,897 crore.

Stocks to focus on:

Akzo Nobel India: The parent company, Akzo Nobel NV, headquartered in the Netherlands, is strategically reviewing its portfolio to reallocate money to the expansion of its core coatings business.

Apollo Tyres: The Life Insurance Corporation of India (LIC) now owns 5.030 percent more shares in Apollo Tyres than it did four years ago. On October 3, LIC purchased 3 lakh shares, or 0.047 percent of the total, through open market transactions.

Adani Energy Solutions: In an attempt to expand into foreign markets, the business established a new subsidiary, Adani Energy Solutions Global, to investigate transmission project potential outside of India.

Landmark Cars: Targeting high-growth markets in Bihar and Jharkhand, the company has acquired a Letter of Intent from Mercedes-Benz India to open a dealership in Patna that will provide sales and after-sales services for Mercedes-Benz automobiles.

Lupin: After examining Lupin's biotech plant in Pune from September 25 to October 4, the US FDA made five observations. This comes after the facility's pre-approval inspection procedure.

GAIL India: The company has inked an MoU with AM Green to collaborate on renewable energy projects of up to 2.5 GW, as well as green chemical activities. The collaboration intends to guarantee long-term carbon dioxide (CO2) supplies for eMethanol production and investigate hybrid renewable energy projects across India.

BLS International Services: For $31 million (about Rs 260 crore), the company acquired a 100% share in Dubai-based Citizenship Invest. The acquisition expands its portfolio with fast-track investor programs for residency and citizenship in more than 15 countries.

Jio Financial Services: SEBI has granted the company and BlackRock Financial Management Inc. in-principle clearance to co-sponsor the establishment of a new mutual fund. This permission clears the way for a big endeavor in the Indian financial sector.

CG Power & Industrial Solutions: In order to enter the semiconductor design industry, CG Power has entered into an Asset Purchase Agreement with Renesas Electronics Corporation, offering $36 million for the acquisition of the company's radio frequency components division.

Bank of Maharashtra: As of October 4, the lender has finished its QIP issuance, generating a total of Rs 3,500 crore by distributing 61.01 crore equity shares at Rs 57.36 per share to qualified institutional buyers. Investors include Aditya Birla Sun Life Insurance, LIC, and ICICI Prudential Life Insurance.

One 97 Communications (Paytm): As of October 4, Manmeet Singh Dhody accepted a new position as an AI Fellow and resigned as CTO-Payments. Following his tenure as Senior Vice President of Technology at Paytm, Deependra Singh Rathore was named as the company's new CTO for payments, starting October 4.

Gravita India: The board has given its approval to raise up to Rs 1,000 crore through equity shares. Rajat Agrawal has been renamed as Chairman and Managing Director, while Sunil Kansal has been recruited as a Whole Time Director. With effect from October 5, Mahavir Prasad Agarwal has resigned from his positions as Chairman and Whole-Time Director.

Disclaimer: The sole purpose of our news article is to provide you with educational and informative content. The content in these articles does not intend investment, financial, legal, tax, or any other advice. It should not be used as a substitute for professional advice or assistance.