Gift Nifty shows that Indian markets are off to a great start.

Gift Nifty Signals a Strong Opening for Indian Markets

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 10, 2024

Summary: The biggest provider of IT services in India will be the center of attention today as it releases its second-quarter financial results later in the day.

Stock Market Today: Indian markets are set to begin higher on Thursday, as Nifty Futures were sold at Gift City in Gandhinagar. Gift Nifty futures rose 115 points, or 0.46 percent, to $25,196, following bullish signs from other Asian markets.

The majority of Asian markets saw trading gains, with the Nikkei in Japan up 0.2%, the Hang Seng in Hong Kong up 1.96 percent, the KOSPI in South Korea up 0.5%, and Australia's S&P/ASX 200 index up 0.60 percent.

Wall Street shares rose overnight on Wednesday, ahead of the September inflation data, earnings season, and the release of Federal Reserve meeting minutes, with the Dow and S&P 500 reaching all-time closing highs.

The Dow Jones Industrial Average reached 42,512.00, up 431.63 points (1.03 percent). The S&P 500 gained 40.91 points (0.71 percent) to 5,792.04, while the Nasdaq Composite gained 108.70 points (or 0.60 percent), to 18,291.62.

According to data from the National Stock Exchange, on Wednesday, domestic institutional investors purchased shares worth Rs 3,508.61 crore, while foreign institutional investors (FIIs) sold shares worth Rs 4,562.71 crore.

According to NSDL statistics, FIIs purchased shares worth Rs 57,724 crore last month and have already sold shares for Rs 50,295 crore this month.

Stocks to focus on:

Tata Consultancy Services: The biggest provider of IT services in India will be the center of attention today as it releases its second quarter financial results later in the day.

IRFC: Manoj Kumar Dubey has been appointed as an Additional Director by the Indian Railway Finance Corporation (IRFC), with the dual designation of Chairman and Managing Director. For five years, he will simultaneously hold the position of CEO at IRFC.

GR Infraprojects: The Maharashtra Metro Rail Corporation has sent GR Infraprojects a Letter of Acceptance for a project valued at Rs 903.53 crore. The Nagpur Metro Rail Project's elevated metro viaduct's design and construction are included in the scope.

RCF: Larsen & Toubro has been awarded a contract of Rs 1,000.3 crore by Rashtriya Chemicals and Fertilizers (RCF) to construct a complex fertilizer plant with a capacity of 1200 MTPD at RCF, Thal. The project will be carried out according to LSTK.

Britannia Industries: The business has partnered with Bel Group to produce cheese in India. The company plans to accommodate the growing demand from Indian consumers by producing 10,000 tons of "Britannia the Laughing Cow" cheese products annually from its recently created plant in Ranjangaon, Maharashtra. This cheese plant is a joint venture that requires an investment of Rs 220 crore.

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.