Indian blue-chip benchmarks might open flat in red on Friday, as GIFT Nifty traded marginally lower. Here’s a look at the key stocks to watch.
Stocks in focus: GIFT Nifty traded 0.13% lower during Friday’s early trading session at 19,403, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. The equity benchmarks snapped a three-day gaining streak on Thursday. Nifty 50 settled lower by 0.43% at 19,253.80, under the 19,300 mark, while Sensex fell 250 points to close at 64,831.41. .
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“A slew of weak economic indicators from the US, including a softened GDP figure, have heightened the likelihood of a pause in the Fed’s rate tightening, resulting in a downward trajectory of bond yields. However, this development had a limited impact on domestic sentiment on the day of expiry, with the market experiencing declines ahead of the release of India’s GDP data, scheduled for today. Global markets joined the trend as Eurozone inflation persisted at 5.3% as per preliminary estimates, surpassing the market’s anticipation of 5.1% along with negative cues from Asian economies,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to Watch on 1 September, 2023
HCL Tech
HCL Technologies completed the acquisition of 100% stake in ASAP Group, an automotive engineering services provider headquartered in Germany.
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Aditya Birla Fashion and Retail
Aditya Birla Fashion and Retail completed the acquisition of 1.87 crore equity shares or 29% of the expanded share capital in TCNS Clothing.
Jindal Stainless
Jindal Stainless announced 15 September as the record date to determine the eligibility of members for payment of final dividend of Rs 1.50 per equity share of face value of Rs 2 each for the financial year ended 31 March 2023.
Jio Financial Services
The BSE announced that Jio Financial Services, the demerged financial business of Reliance Industries, will exit from all BSE Indices, including the blue-chip Sensex, on 1 September. However, the scip will still trade on the NSE Nifty 50 index.
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Torrent Pharma, Cipla
Torrent Pharma is intensifying its efforts to secure financing to acquire the promoter family’s stake in Cipla. The pharmaceutical company is turning out to be a key player in the race to acquire the Hamied family’s stake, according to people with knowledge of the matter.
Punjab National Bank
Punjab National Bank has increased the marginal cost of funds-based lending rate (MCLR) by 5 basis points. The overnight MCLR has been adjusted upward by 5 basis points, moving from 8.1% to 8.15%.
CONCOR
CONCOR announced that Sanjay Swarup would take over as the chairman and managing director of the institution. Previously, Sanjay Swarup served as the director of international marketing and operations at the Container Corporation of India.
(With agency inputs.)
