Stock Market Today: SGX Nifty signals a red start; Zee Entertainment, TCS and Delhivery in focus

Stock Market Today: Despite weak global cues ahead of Federal Reserve Chair Jerome Powell's Congressional testimony, the domestic benchmark indices the Sensex and the Nifty ended the day at record closing highs thanks to gains from a few heavyweights, including the HDFC twins, Reliance Industries (RIL), and TCS. Over 4,000 crore rupees worth of Indian stocks were actively purchased on Wednesday by foreign institutional investors (FIIs). Additionally, domestic institutional investors (DIIs) emerged as net buyers with an investment of over Rs. 550 crore.

Stock Market Today: Stocks in focus

Zed Entertainment reached a settlement with SEBI and paid a fine of?7 lakh, and Carlyle intends to sell a 2.5% stake in logistics company Delhivery through a block deal. In order to digitally change Nest's scheme administration services, TCS and Nest are increasing their collaboration, while Reliance Consumer Products is extending the reach of its FMCG brand Independence to North India. As CEO Pawan Singh is on leave, NTPC may contemplate raising up to Rs 12,000 crore through NCDs, PFS has recruited a new Director (Finance), and IDFC First Bank has promoted Madhivanan Balakrishnan to Executive Director and COO.

Fed Chair reaffirms battle against inflation

Federal Reserve Chair Jerome Powell stated in his testimony before the US Congress that there is still a "long way" to go in the fight to reduce inflation, indicating that the US Fed will take additional action. His hawkish approach alarmed US markets, which closed Wednesday with losses. On Wednesday, the Nasdaq Composite plummeted 1.21%, the S&P 500 sank 0.52%, and the Dow Jones Industrial Average fell 0.30%.

Asian Markets

On Thursday, stocks in the Asia-Pacific region were trading lower as a result of poor signals from Wall Street. Shanghai Composite in China fell 1.31% in trade, while Nikkei 225 in Japan fell 0.13%. The Kospi in South Korea increased by 0.44% while the Hang Seng in Hong Kong fell by 1.98%. The Taiwan Weighted index saw a very slight 0.1% increase.

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