Nifty opens below 17100, Sensex gains 20 pts on Fri, Mar 24; Adani Power shares rise marginally

Domestic indices opened Friday’s session on a flat note. The NSE Nifty 50 rose 17.20 pts or 0.10 to 17,094.10 and BSE Sensex was up 19.34 pts or 0.03% to 57,944.62. Bank Nifty fell 15.00 pts or 0.04% to 39,601.90. The top gainers on Nifty 50 were HCL Tech, Infosys, Tech Mahindra, TCS and Wipro while the losers were HDFC Life, SBI Life, Bajaj Finance, Titan and Bajaj Finserv.

Adani Power shares in focus today

Adani Power shares rose marginally to Rs 201.80 after the company and AdaniConnex executed a share purchase agreement. 100% of Adani Power’s stake in Support Properties will be transferred to AdaniConnex. ACX is a 50:50 joint venture between Adani Enterprises and EdgeConneX. It is engaged in developing data centres and providing co-location hosting and ancillary services including managed services, remote hands and feet, and other related services.

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Indian Markets

The sectoral indices were trading mostly in red. Bank Nifty fell 0.14%, Nifty Auto dipped 0.27%, Nifty Metal was down 0.70% while Nifty IT was up 1.04% and NiftyPharma rose 0.16%.

Asian and US stock markets

Asian markets were trading in red with  China’s Shanghai Composite index falling 0.49%, Hong Kong’s Hang Seng dipping 0.14%, South Korea’s KOSPI declining 0.73% and Japan’s Nikkei 225 dropping 0.23%.

The US market ended the overnight session in the positive territory with Dow Jones Industrial Average rising 0.23%, S&P 500 climbing 0.30% and the tech-heavy Nasdaq surging 1.01%.

FII and DII data

Foreign institutional investors (FII) sold shares worth a net Rs 995.01 crore, while domestic institutional investors (DII) acquired equities worth a net Rs 1668.85 crore on 23 March, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has Biocon, HAL and Indiabulls Housing Finance on its F&O ban list for 24 March. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.