Stocks to watch: Shares of firms like UltraTech Cement, Gillette, IndusInd, Pidilite, Godrej, and Tata Chem will be in focus on Monday’s trade
Stocks To Watch On April 29: As the global stock markets are expected to remain positive amid easing global tensions, the Indian markets are also expected to follow suit on April 29. The domestic equities market had closed in the red territory on Friday after 5 days of continuous rise. Here are some of the stocks that should be watched out today.
Q4 Financial Results Today: UltraTech Cement (currently priced at Rs 9,700 per share), Gillette India (at Rs 6,256.15), PNB Housing (Rs 785.75), Poonawalla Fincorp (Rs 484.85), Tata Chemicals (Rs 1,122.45), UCO Bank (Rs 57.03) and Fedbank Financial Services Ltd (Rs 126.85) are some major companies that will announce their Q4 FY24 financial results today. Analysts said their stocks should be watched out today.
Other shares to be watched out for are ICICI Bank, HCLTech, Maruti Suzuki, L&T Finance, YES Bank and SBI Life. These companies have released their Q4 results in the past 2-3 days.
IndusInd Bank
Brokerage LKP Securities has retained the rating of IndusInd Bank, which declared its results last week, to ‘BUY’ with price target of Rs 1,749 (based on 1.6x FY26E Adj. BVPS of Rs 1,093).
“Core operating performance of the IndusInd Bank remains healthy. The Asset Quality seems healthy barring 2W NPAs and MFI collection fluctuation. Management believes the CDR at a satisfactory position. Nevertheless, contingent buffer built up and cost reduction will be key monitorable in coming quarters. Thus, we retain our rating to BUY with price target of Rs 1,749 (based on 1.6x FY26E Adj. BVPS of Rs 1,093),” it said.
City Union Bank or CUB
City Union Bank’s shares can be bought at Rs 160.25, with a target at Rs 170. Stop loss can be set at Rs 156, recommends Prabhudas Lilladher Vice-President (Technical Research) Vaishali Parekh, according to livemint.
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Pidilite Industries
Parekh, as per livemint, recommends to buy Pidilite Industries at Rs 2,982, with a target at Rs 3,120. A stop loss can be set at Rs 2,920.
Godrej Properties
Investors can purchase this share at Rs 2,635, with a target at Rs 2,760. A stop loss can be set at Rs 2,580, according to Parekh.
Latest Indian Stock Market
Meanwhile, market benchmarks Sensex and Nifty wilted under selling pressure on Friday, April 26, after a five-day rally as investors pared exposure to banking, financial and consumer durable stocks amid mixed trends in global markets. Rising global crude prices, a depreciating rupee and persistent foreign fund outflows further weighed on sentiment.
Profit-taking also came into play as the 30-share BSE Sensex tanked 609.28 points or 0.82 per cent to settle at 73,730.16. During the day, it lost 722.79 points or 0.97 per cent to 73,616.65. The NSE Nifty declined 150.40 points or 0.67 per cent to 22,419.95.
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Current Global Situation
Stepped-up efforts to mediate a ceasefire between Israel and Hamas moderated geopolitical tensions and contributed to the weak opening on Monday, IG market analyst Tony Sycamore said. A Hamas delegation will visit Cairo on Monday for peace talks, a Hamas official told Reuters.
However, markets are also on watch for the US Federal Reserve’s May 1 policy review, which is expected to have a more hawkish tone, according to Reuters.
US inflation rose 2.7 per cent in the 12 months through March, data on Friday showed, above the US Fed’s target of 2 per cent. Lower inflation would have increased the likelihood of interest rate cuts, which would stimulate economic growth and oil demand.
The dollar strengthened on the prospect of higher-for-longer interest rates. A stronger dollar makes oil more expensive for those holding other currencies.
Further weighing on the outlook for oil demand, China’s industrial profit growth slowed down in March, official data showed on Saturday, in the latest sign of frail domestic demand in the world’s second-largest economy.
Cumulative profits of China’s industrial firms rose 4.3 per cent to 1.5 trillion yuan ($207.0 billion) in the first quarter from a year earlier, compared to a 10.2% rise in the first two months.
Brent crude futures on April 29 fell by as much as $1, or 1.1 per cent to $88.50 a barrel before ticking back up to $88.55 at 0149 GMT. West Texas Intermediate (WTI) futures were down 84 cents, or 1 per cent, at $83.01 a barrel.
