GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 53 points or 0.23% at 23,285.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 30.95 or 0.13% to settle at 23,259.20 while the BSE Sensex dropped 203.28 points or 0.27% to 76,490.08.
“The Indian market currently lacks fresh catalysts following the formation of the new government at the center, suggesting that some consolidation may occur in the near term. Institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
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Nair also added that optimism about a rate cut is waning as US economic data points remain healthy. The FED is expected to continue its current stance. However, any dial-back of the rate cut guided earlier could test market patience.
Stocks to Watch on June 11, 2024
Mphasis
Kotak Mahindra Mutual Fund, along with Morgan Stanley and Societe Generale, has purchased Mphasis shares worth nearly Rs 1,900 crore at an average price of Rs 2,363 per share. This acquisition follows Blackstone’s sale of a 15.1% stake in the company at an average price of Rs 2,363.37 per share through bulk deals on the NSE. The significant transaction underscores major investor interest in Mphasis.
InterGlobe Aviation
InterGlobe Enterprises, the holding company of the Rahul Bhatia family, is set to sell a 2% stake in a low-cost carrier via block deals. The transaction will involve the sale of 77 lakh shares at a base price of Rs 4,266 per share, which represents a 7% discount.
PTC Industries
Company has joined a government-funded Special Purpose Vehicle (SPV) under the ‘Make in India’ initiative to bolster the defence and aerospace sector. The venture involves a 530 million rupee project to establish a greenfield defence testing facility in Lucknow. The funding for the project will be covered 75% by the government and 25% by SPV members.
IRB Infrastructure
Cintra, a transport infrastructure developer and subsidiary of the Spanish infrastructure group Ferrovial, is set to sell up to a 5% stake in IRB Infrastructure Developers through a block deal. The shares will be priced between Rs 63 and Rs 70.16 each, representing up to a 10.2% discount to the last closing price. This sale marks a significant move in the infrastructure sector, potentially drawing interest from various investors.
Vodafone Idea
The telecom major announced that its board of directors will convene on Thursday, June 13, 2024, to deliberate on various proposals. Key items on the agenda include the issuance of equity shares and/or convertible securities to vendors on a preferential basis.
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RVNL
The state-owned company announced that the Siemens-RVNL consortium has received a letter of acceptance from the Bangalore Metro Rail Corporation for a RS 394 crore project. This project entails the engineering, supply, erection, testing, and commissioning of 33 KV distribution systems for phases 2A and 2B of the Bangalore Metro.
Sudarshan Chemicals
The company has launched five new products: Sumica Silver 41135, Sumica Bright Silver Fine 41126, Sudafast Green 2730 KF, Sudacolour Yellow 162 KF, and Sudacolour Yellow 179K. These new offerings are effective for applications in plastics, coatings, and textiles.
NLC India
A state-owned firm announced that its board has approved a plan to raise up to $600 million through External Commercial Borrowings (ECB) to meet its business requirements. Additionally, the board has granted in-principle approval for an investment of up to Rs 994.50 crore in NLC India Renewables Ltd, a wholly-owned subsidiary of NLC India.
Jubilant Foodworks
Domino’s announced the opening of its 2000th store in India, marking the occasion by launching seven new stores across its seven operating regions nationwide. Domino’s Pizza India, which opened its first store in New Delhi in 1996, now serves over 200 million pizzas annually through its 2,000 stores spread across 421 cities.
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By Gaurav Arora
The April series Nifty futures is currently trading with a premium of around 70 points which was >150 at the start of the series.
For the Index futures, FII Net Index Long exposure is at 45% which is more or less stagnant since the start of Mar series.
After a good run-up, some profit taking or time-wise correction can’t be ruled out, however we believe Index may continue finding support around lower levels.
Nifty Rejig: Trent, BEL to replace Divi’s Lab, LTI Mindtree on Nifty from Sep 30 Markets see strong recovery in last hour! Nifty near 24,800, Sensex above 80,900 Are Nifty bulls ready to reclaim the 25,000 mark? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty continue to s…