Overnight Digest: Stocks likely to be in focus on June 1
The top gainers among Sensex were M&M, NTPC, Powergrid Corporation, Tech Mahindra and Tata Steel
On the last day of May 2022, Indian equity markets closed the trading session in negative territory. Financial and IT shares pulled the indices lower whereas gains in metal shares provided some support. Reality and media indices traded with positive momentum and banking and energy stocks witnessed profit booking at higher levels.
At the close, Sensex was down 359.33 points or 0.64 per cent at the 55,566.41 level whereas Nifty fell 76.90 points or 0.46 per cent ending at the 16584.50 level. The Top Gainers among Sensex were M&M, NTPC, Powergrid Corporation, Tech Mahindra and Tata Steel. In the broader markets, the BSE midcap and smallcap indices ended with gains of half a percent each.
Keep a watch on these stocks for Wednesday's trading session -
Tata Elxsi - The company announced the collaboration to deliver smart XR solutions for enterprise & engineering applications. Tata Elxsi and Lenovo aim to provide end-to-end solutions & services for customers using Lenovo’s smart XR devices, which transform work in office as well as industrial settings, both large and small. Both the companies will enable enterprises to deliver immersive digital transformation solutions. The share zoomed more than 2 per cent during Tuesday's trading session.
Sun Pharmaceutical Industries - The company's share fell 4 per cent during Tuesday's trading session after dipping up to 6 per cent since the previous trading session as the company posted a net loss of Rs 2,277 crore for Q4FY22. The loss can be attributed to settlement charges of pending litigations in the US as well as restructuring operations in some countries. Consolidated revenue from operations advanced 11 per cent whereas EBITDA improved 14.6 per cent on a YoY basis while EBITDA margins expanded 74 bps. The share closed 2.61 per cent lower on Tuesday.
Mahindra & Mahindra - The company has been trading on an upward trajectory for the past three trading sessions. Following the same trend, in an otherwise subdued market, the shares of M&M climbed up to 4 per cent on Tuesday. Healthy demand prospects across the company’s product profile and its focus on capital efficiency & electric vehicle (EV) proactiveness are predicted to give a push to investors' sentiments towards the stock. In the last two trading sessions, the stock has broken its current resistance level on the daily charts whereas the MACD & RSI indicators are giving positive indications.
HCL Technologies - The company has launched a world-class digital engagement platform, X by HCL Technologies (X), which enables brands to improve consumer loyalty and drive conversions through personalised omnichannel marketing. Initially created to underpin Manchester United’s rapidly expanding digital engagement channels, the platform is now available to help other global brands drive their own success stories by delivering personalised, timely communications, and content. The share ended almost flat during Tuesday's trading session, gaining 0.13 per cent.