GIFT Nifty ended 90.50 points or 0.35% down at 25,433.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Friday, October 04, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Friday. Here’s a look at the key stocks to watch in trade.
The GIFT Nifty ended 90.50 points or 0.35% down at 25,433.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 546.80 points or 2.12% to settle at 25,250.10 while the BSE Sensex plunged 1769.19 points or 2.10% to 82,497.10.
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“Markets saw a sharp plunge, dropping over 2% due to weak global cues. The benchmark index opened with a gap-down as escalating tensions in the Middle East fueled a significant rise in crude oil prices. The decline was broad-based, with sectors like realty, auto, and energy suffering the most. Broader indices also fell, losing nearly 2% each. Amid all, the volatility index, India VIX, spiked by over 9%, signaling heightened fear among market participants,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the geopolitical uncertainty and concerns over a potential decline in foreign inflows have spooked the markets. With Nifty breaching multiple supports—such as the 20-day exponential moving average (DEMA) around the 25,580 level and trendline support near 25,350—the market could face further downside. We are now looking at the 25,000-25,150 zone as the next support, while any rebound is likely to be capped in the 25,450-25,600 range. Traders should adjust their positions accordingly, using any recovery to reduce longs and initiate shorts in weaker pockets.
Stocks to Watch on October 4, 2024
HDFC Bank
BNP Paribas Financial Markets sold 43.75 lakh equity shares of a private sector lender at an average price of Rs 1,726.2 per share, amounting to Rs 755.3 crore. The shares were purchased by Morgan Stanley Asia (Singapore) Pte and Citigroup Global Markets Mauritius, with Morgan Stanley acquiring 17.5 lakh shares and Citigroup Global taking 26.25 lakh shares, both at the same price.
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BSE
The exchange has announced that weekly index derivatives contracts on Sensex 50 and Bankex will be discontinued, effective November 14 and November 18, respectively. No new weekly contracts will be issued after the expiry of the existing unexpired contracts, which will remain active until their respective expiry dates.
Reliance Power
The board has approved raising up to $500 million (Rs 4,200 crore) through unsecured, 10-year foreign currency convertible bonds (FCCBs) on a private placement basis, carrying an annual interest rate of 5%. The FCCBs will be issued to affiliates of Värde Investment Partners, LP. Additionally, the board approved an Employee Stock Option Scheme (ESOS) for all eligible company employees.
Bank of Baroda
The bank reported a global business of Rs 25.06 lakh crore for the quarter ended September 2024, marking a 10.23% growth compared to the same period last year. Global deposits saw a year-on-year (YoY) increase of 9.11%, reaching Rs 13.63 lakh crore, while advances surged by 11.60% YoY to Rs 11.43 lakh crore. On the domestic front, deposits grew by 7.14% YoY to Rs 11.50 lakh crore, and advances rose by 12.51% to Rs 9.39 lakh crore.
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Avenue Supermarts
The company reported a standalone revenue of Rs 14,050.32 crore for the second quarter of fiscal 2025, up from Rs 12,307.72 crore in the same period last year. As of September 30, 2024, the total number of stores stood at 377.
Bajaj Finance
The customer franchise grew significantly to 92.09 million as of the September 2024 quarter, up from 76.56 million in the same quarter last year. Assets under management (AUM) rose by 29% to Rs 3,73,900 crore in Q2 FY25, while new loans booked increased by 14% to 9.69 million. The deposits book saw a 21% rise to Rs 66,100 crore, and the net liquidity surplus stood at Rs 20,100 crore as of September 2024.
JTL Industries
The steel pipes manufacturer has approved the subdivision of 19.65 crore equity shares of Rs 2 each into 39.30 crore equity shares of Rs 1 each. The record date for the split will be communicated to the stock exchanges in due course.
M&M Financial Services
In Q2 FY25, the company estimated total disbursements at Rs 13,160 crore, reflecting a 1% year-on-year decline. Collection efficiency remained steady at 96%, unchanged from the same quarter last year. Stage-3 assets are estimated at 3.8% as of September 2024, down from 4.3% in September 2023, while Stage-2 assets rose to 6.4% from 5.7% in the same period. The company maintained a strong liquidity position with a liquidity chest exceeding Rs 8,500 crore.
Refex Industries
The company has announced plans to raise up to Rs 927.81 crore through a preferential issue of equity and convertible warrants to select investors. The funds will be used for investments in subsidiary companies, capital expenditures, working capital requirements, loan repayments, and general corporate purposes.
Aarti Drugs
The UK’s Medicines and Healthcare products Regulatory Agency (UK MHRA) has issued a GMP compliance certificate for the manufacturing facility of the company’s subsidiary, Pinnacle Life Science, located in Baddi, Himachal Pradesh.
Premier Polyfilm
The artificial leather manufacturer is scheduled to hold a meeting on October 14, 2024, to finalize the record date for the subdivision of its equity shares. Additionally, the company plans to review its standalone unaudited financial results for the quarter and half-year ending September 30, 2024.
CESC
Purvah Green Power, a subsidiary of CESC, has signed a binding term sheet with Bhojraj Renewables Energy (BREPT) to secure connectivity approval and land acquisition, along with the necessary permits for a 300 MW wind project and a 150 MW solar project. Additionally, the subsidiary will acquire the entire shareholding of Bhojraj Renewables Energy from its shareholders for Rs 108.56 crore.
Shilpa Medicare
Shilpa Pharma Lifesciences, a subsidiary of the company, has received a Certificate of Suitability (CEP) from the European Directorate for the Quality of Medicines & Healthcare (EDQM) for the active pharmaceutical ingredient (API) Desmopressin. Desmopressin is utilized to reduce frequent urination and excessive thirst and is commonly prescribed for central diabetes insipidus and bedwetting.
Diffusion Engineers
Shares of Diffusion Engineers are set to debut on the stock exchanges on Friday, October 4, 2024, with listings on both the BSE and NSE. Currently, the grey market premium suggests that Diffusion Engineers shares may list at approximately Rs 228, which represents a potential return of over 35% for investors allotted shares in the company’s IPO.
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