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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open flat on Wednesday tracking mixed global market sentiment. Uncertainty over US Presidential elections in 2024, Middle East conflicts, weak Q2 results in 2024, and sustained FII selling have led to a sharp correction in the Indian stock market.
Gift Nifty was trading around 24,540, a premium of nearly 2 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
The US stock market ended flat, with the Nasdaq seeing a modest gain, while Treasury yields spiked. The Dow Jones Industrial Average eased 6.71 points, or 0.02%, to 42,924.89, while the S&P 500 fell 2.78 points, or 0.05%, to 5,851.20. The Nasdaq Composite ended 33.12 points, or 0.18%, higher at 18,573.13.
Asian markets traded mixed on Wednesday, reflecting subdued risk appetite. Japan’s Nikkei 225 was flat, while the Topix fell marginally. South Korea’s Kospi rose 0.25%, and the Kosdaq gained 0.51%. Hong Kong’s Hang Seng index futures indicated a stronger open.
STOCKS TODAY
Sonata Software: Sonata Software has received a contract from a Fortune 500 consumer goods and industrial product manufacturer. Under the multi-year deal, Sonata will support the manufacturing company’s global business growth and its ongoing digital transformation journey.
RITES: The company has received an order worth Rs 454 crore from the Karnataka Mining Environment Restoration Corporation. Earlier, the order for the construction of railway PFTs at Dharmapura and Susheel Nagar in the Ballari district, awarded to the company on a project management consultancy (PMC) basis, has now been converted to a turnkey basis.
RailTel Corporation of India: The company has received a work order worth Rs 36.8 crore from South Eastern Railway. The work order involves the provision of an electronic interlocking system and signaling arrangements (both indoor and outdoor).
Power Grid Corporation of India: The company has been declared the successful bidder to establish an inter-state transmission system in Rajasthan. It has received a Letter of Intent for the said project, which comprises the establishment of a new 765/400kV Siwani substation along with STATCOM and other equipment, a 765kV D/C transmission line traversing Rajasthan and Haryana, and various 400kV D/C transmission lines traversing through Haryana, along with bay extension works for the above lines at other existing substations in Rajasthan and Haryana.
Orient Cement: Ashika Credit Capital bought a 0.51% stake in the cement company at an average price of Rs 353.23 per share, and Nuvama Multi Asset Strategy Return Fund acquired a 0.91% stake at an average price of Rs 347.94 per share.
One 97 Communications: The National Payments Corporation of India (NPCI) has approved Paytm parent One 97 Communications’ onboarding of new UPI users.