Anil Singhvi's take on nearly Rs 20,000-crore block deals on D-Street

Stock Market Today: Indian equity markets are expected to see a flat opening on Wednesday as global cues remain mixed. At 9:04 am, GIFT Nifty futures were up 15 points at 25,949, indicating a muted start for the benchmark indices.

Anil Singhvi decodes impact of block deals

Zee Business Managing Editor Anil Singhvi analysed the major block deals reported on Tuesday. He said two types of block deals took place. In the first category, Reliance Trust sold shares while GQG Partners emerged as the key buyer. Nearly 17 stocks saw block deals worth Rs 11,953 crore. Singhvi said both entities are linked to GQG Partners, so the transactions do not have any meaningful impact on the market.

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Another group of six companies witnessed block deals worth Rs 7,800 crore. Singhvi said these transactions have also been adjusted in the FIIs and DIIs data for Tuesday. Once these block deals are excluded, the overall institutional buying was not very large.

Globle markets today

Across Asia, markets were mixed. Japan’s Nikkei rose 0.67 per cent. China’s CSI 300 gained 0.38 per cent. Hong Kong’s Hang Seng inched up 0.09 per cent. South Korea’s KOSPI slipped 0.46 per cent.

Overnight, US markets ended lower as technology stocks came under pressure due to concerns over high valuations in the artificial intelligence segment. The Dow Jones fell 1.07 per cent. The S&P 500 dropped 0.83 per cent. The Nasdaq declined 1.21 per cent. Investors are watching Nvidia’s quarterly results due later in the evening.

Stock Market Closing on Tuesday

On Tuesday, Indian indices snapped a six-day winning streak amid weak global sentiment. The BSE Sensex fell 277.93 points or 0.33 per cent to close at 84,673.02. The NSE Nifty50 dropped 103.4 points or 0.4 per cent to end at 25,910.05.

Broader market indices were also under pressure. The Nifty MidCap index fell 0.59 per cent. The Nifty SmallCap index slipped 1.05 per cent. All major sectoral indices ended in red. The Nifty Realty index declined 1.91 per cent. The Nifty IT index fell 1.1 per cent. The Nifty Metal index was down 1.07 per cent.

Among Sensex stocks, Tech Mahindra, Eternal, Infosys, Bajaj Finserv, Bajaj Finance, and Adani Ports were the top losers. Bharti Airtel, Axis Bank, Asian Paints, Power Grid, and Titan were the top gainers.