GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 39.50 points or 0.18% at 22,097 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 32.35 points or 0.15% to settle at 22,055.70, while the BSE Sensex gained 104.99 points or 0.14% to 72,748.42.
“The Indian market followed the positive Asian peers with a mixed bias. Domestic issues, like mutual fund stress tests, hardly brought any negative views, but premium valuation remains as a concern. Midcap & small caps are attempting to scroll up, however consolidation persists. Both DII & FIIs inflows are strong for large caps, hence sustaining their outperformance,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that, Policy actions, this week, from global central banks, the US FED, BOJ, and BOE will dictate the market direction. Indication, by the FED, that rate cut may be probably in the latter half of CY24, should bring a mixed sentiment in the short term.
Stocks to Watch on March 19, 2024
TCS
Tata Sons, the holding company of Tata Group, is set to sell 2.34 crore shares of the company at Rs 4,001 per share. This move aims to raise approximately Rs 9,362 crore or $1.13 billion.
L&T Finance
L&T Finance Holdings has received approval from its board for fundraising through debentures. The company plans to ensure that the total Non-Convertible Debentures (NCDs) issued and outstanding do not exceed Rs 1.01 lakh crore.
Aditya Birla Sun Life AMC
Promoter entities of Aditya Birla Sun Life AMC Ltd. have offered to sell up to 11.47% stake through an offer for sale to meet the minimum public shareholding norms. The floor price for the sale has been set at Rs 450 per share.
Adani Group
The Adani Group has refuted claims made in a Bloomberg report regarding widened probes by U.S. prosecutors on alleged bribery in India, labeling them as “false.”
Tata Steel
Tata Steel UK has announced the cessation of operations of the coke ovens at its Port Talbot plant in Wales due to deteriorating operational stability. The company plans to increase imports of coke to mitigate the impact of the closures.
Poonawalla Fincorp
Arvind Kapil, a veteran from HDFC Bank, has been appointed as the new Managing Director and Chief Executive Officer of Poonawalla Fincorp.
HG Infra Engineering
HG Infra Engineering has secured four orders worth Rs 1,026 crore in a consortium with Stockwell Solar Services JV for solar business from Jodhpur Vidyut Vitran Nigam.
IOL Chemicals and Pharmaceuticals
IOL Chemicals and Pharmaceuticals has successfully completed the Brazilian Health Regulatory Agency GMP audit of all its 10 APIs manufacturing units in Punjab without any observations.
IRCTC
Indian Railway Catering and Tourism Corporation (IRCTC) has approved a project cost of Rs 187 crore for establishing a disaster recovery site at Secunderabad.
Sonata Software
Sonata Software has signed a joint go-to-market agreement with Zones to simplify enterprise application delivery through end-to-end cloud managed services.
Popular Vehicles and Services
Shares of Popular Vehicles and Services are scheduled to debut on the stock exchanges on Tuesday at an issue price of Rs 295 apiece. The company’s Rs 601.55-crore IPO was subscribed 1.23 times on its final day.