Gift Nifty today: Nifty set to open flat ahead of Haryana, Jammu & Kashmir election results

The Indian equity markets are set to open on a flat note on Tuesday as indicated by Nifty futures traded at Gift City in Gandhinagar. Nifty futures at Gift City was down 11 points at 24,880 amid mixed cues from Asian markets. Meanwhile, market participants will closely watch out for Assembly election results of Haryana and Jammu and Kashmir slated to be declared during the day.

Asian markets ex-China were trading lower with Japan's Nikkei down 1.37 per cent, Hong Kong's Hang Seng down 6.25 per cent and South Korea's KOSPI declining 0.72 per cent.

Chinese markets opened after a week long holiday on a very strong note with Shanghai Composite up 5 per cent, SZSE Component index rising 9.46 per cent and China A50 index up 5.87 per cent.

Before the break, China announced the most aggressive stimulus measures since the pandemic and the CSI300 gained 25 per cent over five sessions. Turnover soared as heavy buying strained brokers and trading systems, and last Monday the CSI300 and the Shanghai Composite both notched their largest gains since 2008.

Overnight, Wall Street's three major indexes closed down around 1 per cent on Monday while Treasury yields rose, as traders tamped down bets for Federal Reserve interest-rate easing and worried about the Middle East conflict's impact on oil prices.

The Dow Jones Industrial Average fell 398.51 points, or 0.94 per cent, to 41,954.24, the S&P 500 lost 55.13 points, or 0.96 per cent, to 5,695.94 and the Nasdaq Composite lost 213.94 points, or 1.18 per cent, to 17,923.90.

Back home, foreign institutional investors (FIIs) remained net sellers for fourth straight session in Indian markets as they offloaded shares worth Rs 8,293 crore while domestic institutional investors bought shares worth Rs 13,245 crore on Monday.

Stocks to Watch

IRCON International: Apex Buildsys Ltd. has filed a claim of Rs 38.71 crore against IRCON International Ltd. over disputes related to their Raebareli project. The disagreements revolve around deductions for liquidated damages, price variation clauses, and overhead charges. This project includes building specialized facilities like a wheel shop, bogie shop, paint shop, garnet blasting shop, machine shop, transport shop, and a shell store for Raebareli's rail coach factory.

Bharat Electronics Ltd. (BEL): BEL announced a new order worth Rs 500 crore for equated monthly installment shelters, annual maintenance contracts for integrated air command and control system nodes, and spares for gun systems, radars, and communication systems. BEL's total order book has now reached Rs 7,689 crore.

Bajaj Hindusthan Sugar: The company has terminated its joint venture agreement with EverEnviro Resource Management Pvt. due to delays from other parties in developing biocompressed natural gas plants. Bajaj Hindusthan Sugar was supposed to acquire a 15.5 per cent stake in Unique One RNG under this partnership.

HDFC Bank: HDFC Bank has agreed to sell its wholly owned subsidiary, HDFC Education and Development Services Pvt., to Vama Sundari Investments (Delhi) Pvt. for Rs 192 crore. The transaction will involve selling 91 per cent of its stake by Oct. 31, with the remaining 9 per cent expected to be sold by June 30 of next year.

Bajaj Finserv: The company shared provisional figures for the July-September quarter for its subsidiaries, Bajaj Allianz General Insurance Company Ltd. and Bajaj Allianz Life Insurance Co. In September, Bajaj Allianz GIC reported an underwritten premium of Rs 1,689 crore, with the gross direct premium underwritten reaching Rs 10,557.16 crore up to September 2024.

Tata Motors: Tata Motors Ltd. disclosed that its subsidiary, Jaguar Land Rover Ltd. (UK), expects a significant increase in production and wholesale volumes in the second half of the fiscal year. However, JLR's retail sales, including the Chery Jaguar Land Rover China Joint Venture, declined 3 per cent year-on-year to 103,108 units for the quarter ending September 2024.

(With Reuters inputs)