GIFT Nifty Signals Recovery Attempt; FIIs Stay Net Buyers
GIFT Nifty was trading around 23,977, up about 0.16 percent, in early Thursday trade, signalling a mild recovery attempt after Wednesday’s rout. The gap typically narrows by the 9:15 am bell, so this should be read as an indicative pre-market signal, not a confirmed opening level.
Institutional flows offered some support even as benchmarks cracked lower. In the cash segment on Wednesday, FIIs were net buyers of ₹1,962.80 crore, while DIIs bought a net ₹790.20 crore.
Morning Market Snapshot
| Indicator | Level | Change |
|---|---|---|
| GIFT Nifty | 23,977 | +0.16% |
| Nifty 50 | 23,882.05 | -2.12% |
| Nifty Bank | 56,742.60 | -2.51% |
| Sensex | 76,503.60 | -2.15% |
| Dow Jones | 52,369.39 | -1.09% |
| Nasdaq Futures | 29,519 | +0.17% |
| Nikkei 225 | 68,184.78 | +2.04% |
| WTI Crude Oil | $78.75/bbl | +0.94% |
| USD/INR | 95.56 | flat |
| FII (cash) | +₹1,962.80 cr | Net buyers |
| DII (cash) | +₹790.20 cr | Net buyers |
Source: Pre-market data as of early Thursday (July 9) trade; NSE/BSE closing levels and FII-DII figures as of July 8
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Why Nifty Cracked Below 23,900
Indian equity benchmarks logged their sharpest single-day fall in over two months on Wednesday, dragged lower by renewed US-Iran hostilities and a sharp spike in crude oil prices. All 30 Sensex constituents ended in the red, with financial services, FMCG and auto stocks among the biggest laggards, while the Nifty 50 slipped well below the psychologically important 24,000 mark for the first time in weeks.
TCS: Wage Hikes, Client Caution Cloud Q1 FY27 Outlook
Tata Consultancy Services reports its Q1 FY27 earnings later today. Brokerages expect largely flat constant-currency revenue growth, with EBIT margins likely to contract sequentially due to wage hikes effective April 1, slower project ramp-ups, and continued investment in AI-led capabilities.
Analysts expect modest year-on-year profit growth, while investors will closely track commentary on North American client spending, BFSI demand, communications and manufacturing verticals, deal wins, AI-led productivity, and margin outlook.
Nalco-NLC India: 1,080 MW Power JV for Odisha Smelter
National Aluminium Company and NLC India signed a Joint Venture-cum-Shareholders’ Agreement on Wednesday to set up a 50:50 joint venture for a 4×270 MW (1,080 MW) coal-based captive thermal power plant at Angul, Odisha.
The plant is intended to meet the captive power needs of Nalco’s 0.5 MTPA aluminium smelter expansion. The joint venture company will sign a 25-year power purchase agreement with Nalco for full offtake and a fuel-supply pact tied to NLC India’s Machhakata coal mine.
Maruti Suzuki: Customs Duty Order and a Kharkhoda Battery Storage Push
Maruti Suzuki received an Order-in-Original from the Customs Commissioner’s office (NS-V, JNCH), Maharashtra, on July 6, demanding a differential duty of ₹4,73,94,938 along with an equal penalty amount over duties on imported goods charged at different rates.
The company has said it will contest the order and does not expect any material impact on its financial or operational position.
Separately, Maruti Suzuki commissioned a 1 MWh Battery Energy Storage System at its Kharkhoda manufacturing facility in Haryana, integrating it into the plant’s internal electricity distribution network to store surplus power from its existing 20 MWp solar installation.
The company said the system has a roughly 15-year lifecycle and is expected to cut about 54 tonnes of CO2 emissions annually.
Natco Pharma: ₹2,500 Crore South Africa Expansion
Natco Pharma’s board approved investments of close to ₹2,500 crore in South Africa. This includes infusing up to ₹1,400 crore into its wholly owned subsidiary, Natco Pharma South Africa Proprietary Ltd., and a separate ₹1,069 crore transaction to raise its stake in Adcock Ingram Holdings from 35.75 percent to 49 percent via the acquisition of over 1.96 crore shares at ZAR 92.50 apiece. Both transactions are targeted for completion by end-July 2026, subject to regulatory approvals.
HFCL: ₹950 Crore Capex, OptiQ AI Brand Launch
HFCL plans to invest ₹950 crore over the next two years to expand its optical fibre cable production, with about ₹580 crore earmarked for backward integration into preform manufacturing to meet rising demand from AI-driven data centres and the defence sector.
Separately, the company introduced OptiQ AI as the unified brand for its optical connectivity portfolio built for AI, cloud and hyperscale data-centre use cases.
Track live Nifty and Sensex movement, sector-wise heatmaps, and F&O data on the NiftyTrader market dashboard as trade unfolds through the session.
SBI: Mutual Fund Arm’s IPO Price Band Set
State Bank of India will be in focus after its subsidiary, SBI Funds Management, fixed the price band for its IPO at ₹545–574 per share. The issue, opening July 14, is entirely an offer-for-sale, with SBI divesting a 6.3 percent stake and Amundi India Holding divesting 3.7 percent.
Tata Steel: Q1 Crude Steel Output Rises 11.3 Percent
Tata Steel’s India crude steel production rose 11.3 percent year-on-year to 5.82 million tonnes in the June quarter, while India delivery volumes increased 8.84 percent to 5.17 million tonnes.
Phoenix Mills: Retail Consumption Jumps 32 Percent in Q1
Phoenix Mills reported Q1 retail portfolio consumption up 32 percent year-on-year to ₹4,727 crore, with commercial office gross leasing of about 1.9 lakh sq ft and gross residential sales of ₹64 crore.
TVS Motor-Indian Oil: LPG Delivery Tie-Up
TVS Motor Company announced a partnership with Indian Oil Corporation to strengthen last-mile LPG cylinder distribution, working with Indian Oil’s network of over 13,000 LPG distributors and deploying TVS King Kargo HD vehicles for doorstep deliveries.
Stocks to Watch Today: Quick Reference
| Stock | Key Development |
|---|---|
| TCS | Q1 FY27 results due today; flat CC revenue seen, margin down ~98–150 bps on wage hikes |
| Nalco | Signed 50:50 JV with NLC India for 1,080 MW captive power plant at Angul |
| Maruti Suzuki | ₹4.74 crore customs duty order; also commissioned 1 MWh BESS at Kharkhoda |
| Natco Pharma | Board approves ~₹2,500 crore South Africa investment; Adcock’s stake to 49% |
| HFCL | ₹950 crore two-year capex to expand optical fibre cable capacity |
| SBI | Mutual fund arm’s IPO price band set at ₹545–574; opens July 14 |
| Tata Steel | Q1 crude steel output up 11.3% YoY to 5.82 million tonnes |
| Phoenix Mills | Q1 retail consumption up 32% YoY to ₹4,727 crore |
| TVS Motor | Tied up with Indian Oil for last-mile LPG cylinder delivery |
Source: Exchange filings/regulatory disclosures; brokerage estimates from Nuvama, MOFSL, and ICICI Securities; NSE/BSE market data and FII-DII figures as of the July 8 close.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock market investments are subject to market risks. Please consult a SEBI-registered financial advisor before making any investment decisions.
