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 just 4.50 points or 0.02% at 22,435 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 49.30 points or 0.22% to settle at 22,356.30, while the BSE Sensex dropped 195.16 points or 0.26% to 73,677.13.
“The domestic market experienced range bound movement post hitting new record high in the preceding day, influenced by cautious trend in global peers ahead of the Fed Chair’s congressional testimony and key U.S. jobs data. The absence of significant stimulus measures from China further dampened sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement Stocks To Watch: SBI, Infosys, Titan, Britannia, Divis Lab, Ambuja Cements, JK Tyre
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Nair also added that, Mid and small-cap stocks continued to underperform due to their higher valuations. The IT sector sustained recent losses amid concerns over delays in rate cuts by the US Fed. However, PSU banks outperformed, while auto stocks gained momentum supported by healthy volume numbers and pick-up in rural demand.
Stocks to Watch on March 6, 2024
JM Financial
The Reserve Bank of India (RBI) has issued a directive to JM Financial, instructing an immediate cessation of all financing activities related to shares and debentures. This includes the sanction and disbursal of loans against initial public offerings and subscriptions to debentures.
Wipro
In a strategic move, Wipro has acquired a substantial 27% stake in B2B sales platform SDVerse LLC for a cash sum of $5.85 million. The transaction, part of a collaboration with General Motors and Magna, is set to conclude before the end of March.
JSW Energy
JSW Energy’s step-down unit has entered into a battery energy storage purchase agreement with Solar Energy Corp. The deal encompasses 250 MW/500 MWh of battery energy storage systems, marking the initiation of a broader project totaling 500 MW/1,000 MWh.
NHPC
NHPC has commenced work on the Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh. The project, involving an investment of Rs 800 crore, aims to establish a 1,200 MW renewable power park generating 2,400 MU of electricity annually within 24 months.
Bharti Airtel
Bharti Airtel has given the green light for the allotment of 56.8 lakh shares to FCCB (Foreign Currency Convertible Bond) holders at a conversion rate of Rs 518 per share.
IRCTC
IRCTC has signed a Memorandum of Understanding with Swiggy to offer pre-ordered meals through IRCTC e-Catering Services, enhancing the dining experience for railway travelers.
Sonata Software
Sonata Software is set to establish a delivery center in Kraków, Poland, catering to the increasing demands for business transformation, modernization, and cost optimization initiatives from global clients in Europe.
Bank of India
Bank of India has invested Rs 60.35 crore in the National Asset Reconstruction Company (NARCL) through preferential share issuance, maintaining its stake at 9% after the allotment of new shares.
Aditya Birla Fashion
Caladium Investment has exercised its right to convert 6.6 crore warrants into equity shares within Aditya Birla Fashion.
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Signature Global
Signature Global Business Park, a wholly-owned subsidiary, has approved an investment of Rs 29,90,00,000 to meet the minimum paid-up capital requirement of Rs 35 crore.
Bharat Forge
Bharat Forge has injected Rs 179.9 crore into its unit, Bharat Forge Global Holding, strengthening its investment portfolio.
Force Motors
Force Motors achieved a production of 2,987 vehicle units in February and successfully sold 2,366 units domestically during the same period.
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