Overnight Digest: Stocks likely to be in focus on June 8

BSE Consumer Durables index slipped more than 2 per cent dragged by Titan, Blue Star, Voltas, Amber Enterprises and Aditya Birla Fashion & Retail.

On Tuesday, investors' chose to book profits on the day ahead of RBI policy outcome. Meanwhile, the 10-year government bond yield settled 0.4 per cent up at 7.53 per cent. On the global front, stock markets traded mixed due to bond sell-off on Wall Street which led to worries about a possible U.S. economic slowdown and raising of interest rates by Australia. 

Benchmark indices closed lower with Sensex down 567.98 points or 1.02 per cent at the 55,107.34 level, and the Nifty falling 153.20 points or 0.92 per cent at the 16,416.30 level. About 1261 shares have advanced, 1954 shares declined, and 126 shares are unchanged.

On the sectoral front, realty, IT and capital goods dropped over a per cent each whereas buying was seen in oil & gas and power names. BSE Consumer Durables index slipped more than 2 per cent dragged by Titan, Blue Star, Voltas, Amber Enterprises and Aditya Birla Fashion & Retail. The midcap and smallcap indices shed over half a percent each.

Keep a watch on these stocks for Wednesday's trading session - 

MRPL & Chennai Petroleum Corporation - The shares of Mangalore Refinery & Petrochemicals Ltd (MRPL) and Chennai Petroleum Corporation Ltd (CPCL) soared up to 19.72 per cent & 14.74 per cent, respectively in an otherwise weak market and hit their respective 52-week highs due to heavy volumes on Tuesday. The expansion in the Singapore gross refining margin (GRM) to a record high of $25.2 a barrel augurs well for Indian refiners, who process raw crude into refined products. A nearly threefold jump in trading volumes was seen at these counters in comparison to average trading volumes in the past ten trading days.  

UltraTech Cement - The stock of UltraTech Cement witnessed a 10 per cent fall in the last three trading sessions post announcement by the company regarding Rs 12,900 crore-capital expenditure (Capex) plan. The expansion will be a mix of brownfield and greenfield capacity across the regions to boost future growth. The share hit a 52-week low of Rs 5,412, being down by 3 per cent on BSE. A steep fall in the stock price of UltraTech has led the company to lose Rs 17,157 crore of market capitalisation in the last three trading days. On Tuesday, it ended at Rs 5,554.60 per share, 0.49 per cent lower.   

PB Fintech - The share of online insurance broking operating company, Policy Bazaar has tumbled 11 per cent post announcement by Yashish Dahiya, Chairman Executive and CEO of the company to sell up to 3.77 million equity shares through the open market. PB Fintech made a debut with its Rs 5,710-crore initial public offering (IPO) in November 2021. In the past six months, the stock has underperformed the market as it fell 49 per cent in comparison to a 4 per cent decline in BSE Sensex. The stock closed Tuesday's trading session 11.48 per cent lower.

Aurobindo Pharma - Aurobindo Pharma announced that its wholly-owned subsidiary company, Eugia Pharma Specialities has received final approval from USFDA to manufacture & market Leuprolide Acetate injection, 14 mg/2.8 ml MDV (Kit). Leuprolide Acetate for injection is indicated for the treatment used to treat the symptoms associated with advanced prostate cancer by way of Palliative treatment of advanced prostatic cancer. This is the 140th ANDA (including eight tentative approvals received) out of Eugia Pharma Speciality Group (EPSG) facilities, manufacturing both oral and sterile specialty products. The share of Aurobindo Pharma closed 1.11 per cent higher on Tuesday. 

ICICI Lombard General Insurance - On Tuesday, the shares of ICICI Lombard General Insurance Company fell to a two-year low of Rs 1,144 and dipped 5 per cent. The stock traded at its lowest level since May 2020 and has underperformed the market due to weak earnings. In the past one week, the stock contracted 9 per cent as compared to a 0.81 per cent decline in BSE Sensex. The recent underperformance can be attributed to suppressed business growth bundled with higher claims led by COVID-19. The stock closed 3.97 per cent down during Tuesday's trading session.