Overnight Digest: Stocks likely to be in focus on April 18

A sector-specific impetus is likely to remain in the market with the upcoming earnings season.

On Wednesday, the markets made a gap-up opening but were unable to sustain the gains due to global cues & weekly expiry and thus, closed lower for the third consecutive session.  

All eyes are on the European Central Bank (ECB) policy for the direction of the central bank's take on how to strike a balance between slowing growth and record-high inflation. A sector-specific impetus is likely to remain in the market with the upcoming earnings season.  

At the time of market closing, Sensex was down by 237.44 points or 0.41 per cent at the 58,338.93 level while Nifty plunged 54.60 points or 0.31 per cent at the 17,475.70 level. On the sectoral front, except for realty, auto, and bank, all other sectoral indices ended higher with FMCG, capital goods, metal, and oil & gas indices gaining 0.5 per cent each. BSE Midcap index slipped 0.2 percent whereas BSE Smallcap index added 0.27 per cent. 

Keep a watch on these stocks for Monday's trading session: 

Poonawalla Fincorp - The company's stock hit a fresh 52-week high of Rs 343.75, sprinting 8 per cent on an intraday basis on Wednesday. The stock has gained 44 per cent in the last one month in comparison to a 6 per cent gain in BSE Sensex. In the past four trading sessions, the stock has broken its current resistance level and is trading above its key moving averages. The RSI and MACD are also showing strength on the daily chart. The stock closed 4.62 per cent higher during Wednesday's trading session.  

Anand Rathi Wealth - The stock of this wealth management company closed 7 per cent higher on Wednesday, attracting investors’ attention. The company reported strong results with its profit after tax (PAT) and operating profit numbers being more than double in Q4FY22. The company’s assets under management improved 23 per cent on a YoY basis to Rs 32,906 crore during the quarter thereby, helping the company deliver robust growth in topline and much higher margins. 

HCL Technologies - The company has expanded its global partnership with Avaloq, a provider of digital banking solutions. HCL will now develop a world-class lifecycle management centre for Avaloq clients and invest in the ongoing training & development for HCL teams working with Avaloq products. These investments will combine HCL’s deep domain knowledge in financial services with Avaloq’s expertise in digital wealth management technology to accelerate innovation across the industry.

Tata Steel - Tata Steel Mining, an unlisted wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of a controlling stake of 90 per cent in Rohit Ferro-Tech in accordance with the approved resolution plan under the corporate insolvency resolution process (CIRP) of the Insolvency & Bankruptcy Code 2016 (IBC). The stock ended 0.32 per cent lower during Wednesday's trading session.