GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 31.50 points or 0.14% at 21,935 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 gained 156.35 points or 0.72% to settle at 21,853.80, while the BSE Sensex surged by 440.34 points or 0.61% to 72,085.64.
“Nifty surpassed the 22,000 mark during the first half of the Friday session but subsequently formed a double top on the hourly chart. Confirmation of a bullish trend resumption would only occur with a decisive breakout above the double top, which is currently identified around 22,125. Conversely, a break below the support level at 21,500 could indicate a bearish momentum. In the scenario of a breakout above 22,150, Nifty may experience upward momentum, potentially reaching levels such as 22,500 and beyond,” said Rupak De, Senior Technical Analyst, LKP Securities.
Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: SBI, Infosys, Titan, Britannia, Divis Lab, Ambuja Cements, JK Tyre Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea
Stocks to Watch on February 5, 2024
One 97 Communication
India’s stock exchanges have implemented a reduction in daily share trading limits for digital payments giant Paytm from 20% to 10%. This move comes in the aftermath of a $2 billion stock value decline following regulatory actions against Paytm’s banking unit.
Also Read
Aurobindo Pharma
The USFDA recently concluded inspections at Aurobindo Pharma’s Telangana unit, resulting in the temporary cessation of manufacturing on specific production lines.
Bajaj Finance
Non-banking financial company Bajaj Finance has successfully acquired a 7% stake on a fully diluted basis in RMBS Development Co., marking a strategic investment for an undisclosed amount.
SBI
State Bank of India (SBI), the country’s largest bank, has recorded a 35.5% year-on-year decline in standalone net profit, amounting to Rs 9,163 crore for the quarter ending December 31, 2023. The figure accounts for a one-time exceptional item of Rs 7,100 crore, down from Rs 14,205 crore in the same quarter last year.
Zee Entertainment
In a setback for Sony, the Emergency Arbitrator at the Singapore International Arbitration Center has denied the former’s application against Zee Entertainment.
Tata Motors
Tata Motors has reported a remarkable 137.5% year-on-year surge in consolidated net profit, reaching ₹7,025 crore for the third quarter ending December 31, 2023. The figure exceeds the CNBC-TV18 poll prediction of ₹4,071 crore.
India Cements
The Enforcement Directorate conducted a search at India Cements’ Chennai office, focusing on specific forex transactions carried out by the associate company India Cements Capital.
H.G. Infra Engineering
H.G. Infra Engineering has received a letter of acceptance from the Central Railway for a construction project valued at Rs 716 crore.
Also Read
Cochin Shipyard
Cochin Shipyard has been awarded a contract worth Rs 150 crore by the Indian Navy for the medium refits of two vessels.
IndiGo
InterGlobe Aviation, the parent company of IndiGo, reported a substantial 111% year-on-year increase in net profit, reaching ₹2,998 crore for the third quarter ending December 31, 2023. The surge is attributed to sustained demand for air travel and the introduction of a fuel surcharge in October. The company’s revenue from operations also climbed 30% to ₹19,452 crore compared to ₹14,933 crore in the corresponding period of the previous fiscal.
Key Earnings In Focus Today
Alembic Pharmaceuticals, Artemis Medicare Services, Ashok Leyland, Aurionpro Solutions, Avanti Feeds, Bajaj Consumer Care, Bajaj Electricals, Banco Products (India), Bharti Airtel, CCL Products, Cholamandalam Financial Holdings, eMudhra, Fusion Micro Finance, GE T&D India, Gulf Oil Lubricants India, Ideaforge Technology, Kansai Nerolac Paints, K.P.R. Mill, Kalyani Steels, Linde India, Man Infracon