GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by just 2 points or 0.01% at 21,766 indicating lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 gained 52.20 points or 0.24% to settle at 21,710.80, while the BSE Sensex ended higher by 178.58 points or 0.25% to 72,026.15.
“Following a rapid rebound from its positional support at 21500, bullish activity has resumed in the market, with buying interest evident during dips. The prevailing sentiment is bullish, but Nifty encounters initial resistance at 21750, facing selling pressure. Immediate support rests at 21600. A conclusive close above 21750 levels could propel Nifty towards the 22000 mark, signaling further upward movement,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Stocks to Watch on January 08, 2024
TVS Motors
TVS Motors has inked a Memorandum of Understanding (MoU) with the Tamil Nadu government, committing to invest Rs 5000 crore over the next five years. The agreement also includes plans to generate employment for 500 individuals by TVS Motor and facilitation and support from the Government of Tamil Nadu.
Titan
Titan, the renowned consumer goods company, reported a substantial 22% year-on-year revenue growth in its Q3 results. The company expanded its retail footprint by adding 90 new stores during the quarter, bringing the total store count to 2,949.
Reliance Industries
Reliance Industries Ltd (RIL) is poised to venture into new investments in the realms of renewable energy and green hydrogen in Tamil Nadu, as confirmed by Chairman and Managing Director Mukesh Ambani. With a committed investment of $10 billion over the next three years in the new energy sector, RIL aims to achieve net carbon-zero status by 2035.
Federal Bank
The Reserve Bank of India (RBI) has raised inquiries regarding succession plans at Federal Bank. The bank has been requested to submit at least two fresh names for the roles of Managing Director and Chief Executive Officer.
Marico
Marico witnessed a low single-digit decline in consolidated revenue on a year-on-year basis in Q3. However, the company showcased robust gross margin expansion in comparison to the previous year.
Bajaj Auto
Bajaj Auto’s board of directors is currently under discussion regarding the approval of a share buyback. If granted, this would mark the second instance of the company repurchasing its shares within the past two years.
Tata Steel
Tata Steel reported a 6% year-on-year increase in India’s steel output, reaching 5.32 million tons in its Q3 business update. The company also noted a 10% YoY growth in deliveries, totaling 4.88 million tons.
Adani Wilmar
Adani Wilmar reported heightened demand during the festive and wedding seasons, resulting in the best-ever volume recorded in the branded oil and foods segment for the quarter.
JSW Steel
JSW Steel’s unit has acquired possession of 2,678 acres of forest land from the Odisha government. This land acquisition is intended for setting up an integrated steel plant with a capacity of 13.2 MTPA crude steel manufacturing.
JK Cement
JK Cement’s subsidiary successfully acquired the remaining 20% stake in Acro Paints, consolidating its position in the market.
SJVN
SJVN Green Energy, a unit of SJVN, has signed a power usage agreement with Uttarakhand Power Corporation to supply 200 MW of solar power from the under-construction 1,000 MW Bikaner project, with a development cost of Rs 5,491 crore.
Reliance Power
Reliance Power has entered into an agreement with DBS Bank India to settle its entire obligations concerning borrowings.
Godrej Industries
Godrej Industries’ chemical division has signed a Memorandum of Understanding with the Gujarat government, committing to invest Rs 600 crore over the next four years.
Jupiter Wagons
Jupiter Wagons has secured a contract worth Rs 100 crore from a leading automobile manufacturer to manufacture and supply four rakes of double-decker automobile carrier wagons.
Union Bank
Union Bank recorded total advances at Rs 8.96 lakh crore, up 11.4% YoY, as of Dec. 31, with total deposits at Rs 11.72 lakh crore, up 10.1% YoY.
Bank of Baroda
The Bank reported global business at Rs 22.95 lakh crore, up 10.7% YoY, with advances at Rs 10.49 lakh crore, up 13.6% YoY, and deposits at Rs 12.45 lakh crore, up 8.3% YoY.
ONGC
ONGC has successfully initiated ‘First Oil’ production from the KG-DWN-98/2 Deepwater block in Krishna Godavari, marking a significant milestone in the company’s operations.