Overnight Digest: Stocks likely to be in focus on March 23

In a volatile trading session on Tuesday, Nifty 50 closed above the 17,300 level.

On Tuesday, the core benchmark indices entered the positive zone in mid-noon deals and ended higher led by auto, bank, IT, oil & gas stocks. 

At close, Sensex ended 696.81 points or 1.22 per cent higher at 57,989.30 level, and the Nifty ended 197.90 points or 1.16 per cent up at 17,315.50 level. About 1573 shares have advanced, 1745 shares declined, and 99 shares are unchanged.

On the sectoral front, IT, auto, bank and oil & gas indices rose 1 per cent each, while realty index was down 1 per cent. The BSE midcap and smallcap indices ended on a flat note.

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

Reliance Industries - On Tuesday, the stock was amongst the top gainers within the Sensex pack. The stock hit an over two-month high of Rs 2,513.50 per share and gained 2 per cent on the BSE on an intraday basis. In the last two weeks, it has outperformed the market by zooming 12 per cent in comparison to a 7 per cent rise in the benchmark index. On the charts, RSI indicator has given a positive breakout crossing the level of 60 and MACD is also trading in a bullish direction.

TCS - The company announced that it has partnered with the Indian Institute of Technology Madras (IIT M) to launch an M Tech program in Industrial Artificial Intelligence (AI) for working professionals. The 18-month-long course, designed in consultation with TCS, will be offered by IIT M in a completely online live teaching mode through virtual classrooms. The course is targeted at upskilling corporate employees in the applications of AI, to solve industrial problems. The first cohort of students for the program will be from TCS. The share has traded in green throughout the trading session and closed 2.16 per cent up on Tuesday.

Tata Motors - India’s largest commercial vehicle manufacturer has announced an impending price hike of its commercial vehicle range. An increase in price in the range of 2 - 2.5 per cent, will come into effect from April 1, 2022, across the range, depending upon individual model and variant. The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike of commercial vehicles. The share has traded on a lower note in the first half of Tuesday's trading session but rebounded strongly and ended 3.01 per cent higher at Rs 440.85.

Jubilant FoodWorks - The company announced the acquisition of Jubilant Golden Harvest Limited (‘JGHL’), which is a subsidiary of Jubilant Foodworks Limited and has the franchise rights to develop and operate Domino’s Pizza restaurants in Bangladesh. As of December 31, 2021, JGHL has eight restaurants.

Total Revenue of JGHL in FY 2021 – BDT 19.24 crore. The stock has been trading in a bearish direction for quite a few trading sessions after the news regarding the resignation of Pratik Pota, CEO of Jubilant FoodWorks. In Tuesday's trading session, post the news of acquisition the stock gained around 5 per cent and ended the trading session at Rs 2,638.70 per share, 3.37 per cent higher for the day.