Overnight Digest: Stocks likely to be in focus on April 4

BSE Power index hit over a 14-year high due to the prediction that improved demand will spur earnings growth in the sector.

On a brand new day of the new financial year FY23, the benchmark indices gained over 1.35 per cent with the volatility index - India VIX dropping up to 11 per cent.  

Sensex was up by 708.18 points or 1.21 per cent at 59,276.69 level while Nifty was up by 205.70 points or 1.18 per cent at 17,670.50 level. In the broader markets, BSE Midcap and Smallcap indices added over a per cent each. 

On the sectoral front, indices ended higher with auto, bank, oil & gas, realty, power, and PSU bank indices rising between 1 per cent and 4 per cent. The shares of power generation and its related companies were in the limelight as BSE Power index hit over a 14-year high due to the prediction that improved demand will spur earnings growth in the sector. 

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

Gujarat Alkalies & Chemicals (GACL) - The shares of this company hit a record high of Rs 959, gaining 7 per cent on BSE during Friday’s trading session. The stock has soared 12 per cent in the past two trading sessions after the company announced the partial commencement of a caustic evaporation unit (CEU) by its joint venture (JV) company GACL-NALCO Alkalies & Chemicals (GNAL). GNAL is a JV between GACL and National Aluminium Company (NALCO) formed to set up an 800 TPD caustic soda plant along with a 130 MW captive power plant at Dahej.  

Tata Power - The company has received approval from National Company Law Tribunal (NCLT) for the composite scheme of arrangement between Coastal Gujarat Power Limited (CGPL) and Tata Power along with their respective shareholders. This scheme will result in numerous benefits such as streamlining the corporate structure and consolidation of assets & liabilities of CGPL within Tata Power, which is efficient utilisation of capital for the enhanced development as well as the growth of the consolidated business in one entity. The share has ended 2.74 per cent higher on Friday.  

Bharat Electronics - The stock of Bharat Electronics Limited (BEL) rose after the company achieved a turnover of about Rs 15,000 crore, during FY22 as compared to the previous year's turnover of Rs 13,818 crore, despite challenges posed by the COVID-19 pandemic and global semiconductors shortage. After trading in a sideways trend for the last couple of trading sessions, the stock has ended above its key simple moving averages and also, experienced a MACD crossover during Friday's trading session. The share closed 1.99 per cent higher at Rs 215.05 on BSE.  

Adani Wilmar - On Friday, the shares of Adani Wilmar touched a new lifetime high of Rs 543.35 and got locked in the 5 per cent upper circuit for the second straight day. In the last one week, the stock has zoomed 30 per cent as compared to a 2.3 per cent rise in BSE Sensex. It has advanced 136 per cent from its issue price of Rs 230 per share.