Buzzing stocks: The GIFT Nifty indicated a lower opening for domestic benchmarks BSE Sensex and the broader NSE Nifty 50. Here’s a look at the key stocks to watch in trade.
Stocks in focus: The GIFT Nifty recorded a 0.22% loss during Thursday’s early trading session, with a value of 19,470 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. On Wednesday, benchmark Indian equity indices Nifty and Sensex ended mixed but flat amid volatility. Nifty 50 hit a fresh all-time high above 19,400 but pared its gains to settle 0.05% higher, while Sensex ended lower by 0.05% at 65,446.04.
Read More: ITC Shares Jump 3% To Hit Fresh High; What Investors Should Know
“Global worries along with moderation in Service PMI data briefly impacted the domestic market’s rally. Heightened trade tensions between the US and China, coupled with uncertainties surrounding the upcoming release of FOMC minutes, tested the risk appetite of global investors. However, the market’s last-minute broad based recovery serves as a reaffirmation of investors’ confidence in the Indian economy,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to Watch on 6 July, 2023
Adani Wilmar
India’s Adani Wilmar said on Wednesday that first-quarter sales had slumped 15% as a sharp fall in edible oil prices eclipsed strong demand for its food products. Sales in its food and fast moving consumer goods segment grew 30% on strong demand, but overall sales dragged.
IOC
Indian Oil Corporation (IOC), the nation’s top oil firm, plans to raise capital through rights issue of equity shares as part of a government’s plan to infuse capital into three state-owned fuel retailers to fund their net zero carbon emission projects.
Read More: CLOSING BELL: Market Ends Flat, Sensex Falls 33 Points, Nifty Dips Inches Below 19.4K
JSW Steel
JSW Steel will replace HDFC in the BSE Sensex index from 13 July, as HDFC shares will be delisted, following its merger with HDFC Bank.
Hindustan Zinc
Hindustan Zinc’s board of directors will meet on 8 July to discuss the interim dividend for the fiscal year 2024. The record date, if any dividend is declared, will be 15 July.
Deepak Fertilisers
Performance Chemiserve, a step down subsidiary of Deepak Fertilisers and Petrochemicals Corporation, issued 90,000 NCDs (non-convertible debentures) with a face value of Rs 1 lakh, on a private placement basis. The aggregate amount totals Rs 900 crore.
Marico
Marico’s Q1FY24 performance lagged on account of narrowing price growth and weak volumes. Consolidated revenue fell to low-single-digits, while domestic volumes also grew in low-single-digits. However, the company is optimistic about their international business, as a high-single-digit constant currency growth is expected.
Tata Power
Tata Power received an order worth Rs 1,744 crore to implement the smart metering project in Chhattisgarh State Power Distribution Company. The estimated time for the completion of the project is about 10 years.
SAIL
Steel Authority of India said that it has achieved record-breaking performance in the first quarter of FY 2023-24 in terms of production and sales. The company reported a growth of 8% on-year in its crude steel production at 4.667 MT during the Q1FY24, and saleable steel witnessed a growth of 8% at 4.405 MT during the same period.
