GIFT Nifty traded down by 29 points or 0.13% at 21,569.50 indicating a negative opening for domestic indices. Here are the top stocks to watch before market opens.
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 29 points or 0.13% at 21,569.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 gained 31.85 points or 0.15% to settle at 21,544, while the BSE Sensex ended higher by 30.99 points or 0.04% to 71,386.22.
“Selling pressure is evident within the 21700-21750 zone, and 21500 stands out as a crucial support level for Nifty. Any significant directional movement for Nifty hinges on two possibilities: achieving a closing above 21750 to reclaim bullish momentum, or experiencing a close below 21500, which could prompt additional selling pressure and potentially pull the Nifty index toward the 21200 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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Stocks to Watch on January 10, 2024
Mahindra and Mahindra
Mahindra and Mahindra announced a strategic collaboration with US-based automobile technology company Mobileye. The partnership aims to explore the development of a full-stack autonomous driving system and the implementation of software solutions in Mahindra’s vehicles.
Power Finance Corp
Power Finance Corp has received a no-objection letter from the Reserve Bank of India to establish a finance company in the International Financial Services Centre located in GIFT City, Gujarat.
Delta Corp
Delta Corp witnessed a consolidated year-on-year decline in Q3FY24 financials. The company’s revenue dropped by 15.3% to Rs 231.7 crore, EBITDA fell by 45.6% to Rs 55.7 crore, and net profit declined by 59.3% to Rs 34.5 crore.
Polycab
Polycab India refuted media reports alleging tax evasion, stating that the company has not received any communication from the income-tax department regarding the outcome of the search.
Lupin
Lupin, a pharmaceutical major, received approval from the US Food and Drug Administration (USFDA) for the launch of Bromfenac Ophthalmic Solution, 0.07% in the United States.
BEML
BEML has bagged an order worth Rs 329.87 crore from the Ministry of Defence for the supply of Mechanical Minefield Marking Equipment Mark-II.
Shyam Metalics
Shyam Metalics And Energy successfully raised Rs 1,385 crore through a qualified institutional placement (QIP) at Rs 576 per share, indicating a 9.70% discount to the current market price.
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Steel Strips Wheels
Steel Strips Wheels received approval from the National Company Law Tribunal (NCLT) for the acquisition of AMW Autocomponent. The company invested Rs 138.15 crore through equity and an inter-corporate loan.
IRCTC
The Railway Ministry has nominated Sanjay Kumar Jain as the Chief Managing Director of IRCTC (Indian Railway Catering and Tourism Corporation).
LIC
Life Insurance Corporation (LIC) has increased its stake in Navin Fluorine from 4.8% to 5%.
KIOCL
KIOCL has temporarily suspended operations at its Mangalore pellet plant due to the non-availability of iron-ore fines.
Karnataka Bank
Karnataka Bank has partnered with Digivriddhi to offer a range of financial services specifically tailored to the needs of dairy farmers and milk societies.
