GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 52 points or 0.24% at 21,700, indicating negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 dropped 76.10 points or 0.35% to settle at 21,665.80, while the BSE Sensex ended lower by 379.46 points or 0.53% to 71,892.48.
“A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future. Sentiment is expected to stay bearish as long as it remains below 21750. Any upward movement toward 21750 could encounter selling pressure. However, a clear breakout above 21750 could shift sentiment in favor of the bulls. Support is established at 21500 on the lower end,” said Rupak De, Senior Technical Analyst at LKP Securities.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL
Stocks to Watch on January 03, 2024
Adani Group
The Supreme Court is set to announce its judgment in the case involving Adani Group and Hindenburg Research on Wednesday. The case has garnered attention and is awaited by market participants for potential implications on Adani Group stocks.
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Maruti Suzuki
Maruti Suzuki, one of India’s leading automobile manufacturers, disclosed a 2.9% year-on-year decline in total production, recording 1.21 lakh units. The production of passenger cars experienced a 3.7% drop, with 64,802 units manufactured. The mini and compact car segment saw a more substantial decline, down 23.8% YoY to 63,855 units.
Exide Industries
Exide Industries has announced a significant increase in its corporate guarantee to Exide Energy Solutions by Rs 1,000 crore. This elevates the corporate guarantee limit from Rs 2,000 crore to Rs 3,000 crore, signaling confidence and support in the energy solutions sector.
Hero MotoCorp
Hero MotoCorp, a prominent two-wheeler manufacturer, reported a marginal year-on-year decrease of 0.1% in vehicle sales, totaling 393,952 units. Motorcycle sales experienced a slight decline of 0.6%, with 354,658 units sold. However, the company’s exports exhibited a positive trend, increasing by 25.7% YoY to reach 16,110 units.
Coal India
Coal India reported a robust 11% YoY increase in coal production, reaching 532 MT during April-Dec 2023. Additionally, non-regulated sector consumers witnessed a record-high consumption of 98 MT during the same period.
Affle India
Affle India is set to acquire a 9.03% stake in Explurger for Rs 37.3 crore, aiming to enhance its vertical reach to relevant users through Explurger’s AI-powered social media app.
Mahindra & Mahindra Financial Services
Mahindra and Mahindra Financial Services recorded a 5% YoY increase in overall disbursement, reaching Rs 4,900 crore for December. Business assets also demonstrated substantial growth, up 25% YoY to Rs 96,850 crore.
Shyam Metallics
Shyam Metallics and Energy commenced its Qualified Institutional Placement (QIP) to raise up to Rs 3,600 crore. The floor price for QIP is set at Rs 597.63 per share, indicating a 7.06% discount to the current market price.
Yes Bank
Yes Bank reported positive growth with an 11.9% YoY increase in loans and advances, totaling Rs 2.17 lakh crore. Deposits also grew by 13.2% YoY, reaching Rs 2.41 lakh crore. The lender’s CASA ratio stood at 29.7%.
MOIL
MOIL, the manganese ore mining company, achieved a remarkable 31% YoY increase in production volume for December, reaching 1.85 lakh MT. Cumulative sales from April to December rose by 40% YoY to 11.01 lakh MT.
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Jubilant Foodworks
Jubilant Foodworks acquired a 6.32% stake in O2 Renewable with plans to purchase up to 4.51 MW of renewable power. The aggregate cost of the acquisition amounted to Rs 2.67 crore.
Sun Pharma
Sun Pharmaceutical Industries successfully acquired a 100% stake in Israel’s Libra Merger, facilitating the consolidation of the company’s business in the Israeli market.
Jubilant Pharmova
Jubilant Pharmova acquired a 19.89% stake in O2 Renewable for Rs 8.43 crore, emphasizing its commitment to purchasing renewable energy generated from the captive generating plant.
