Overnight Digest: Stocks likely to be in focus on March 30

Eicher Motors, Divis Labs, JSW Steel, HDFC and Adani Ports were among the top Nifty gainers whereas Hero MotoCorp, ONGC, Coal India, IOC and ITC were among the big losers.

On Tuesday, the Indian benchmark indices settled near the day's high level with Nifty closing above the 17,300 mark led by the pharma, realty, and capital goods sector. 

Sensex was up by 350.16 points or 0.61 per cent at 57,943.65 level while Nifty was up by 103.30 points or 0.60 per cent at 17,325.30 level.  

On the sectoral side, apart from oil & gas, all other indices ended on a positive note with pharma and realty indices gaining 1 per cent each and the capital goods index being 0.65 per cent up. In the broader markets, BSE mid-cap and small-cap indices added 0.6 per cent each. 

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

Adani Power - The share of this power company gained strong momentum during Tuesday's trading session and rallied up to 14.06 per cent to close at Rs 173.65 per share. The share has gained for the sixth consecutive trading session, post the company's approval for an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself. It has attractively outperformed Sensex, which closed just 0.61 per cent higher on Tuesday. In the last two trading sessions, the share broke the current resistance level and the surge in the share price is also supported by a hefty increase in the volume of shares traded.  

SBI Life Insurance - In an otherwise flat market, the stock gained up to 4 per cent on Tuesday due to reports of a block deal. A robust jump in volume was witnessed for this counter during Tuesday's trading session, reporting around 96,000 shares traded on BSE as against its two-week daily average volume of around 34,000 shares. As per media reports, Canada Pension Fund was to sell its 0.56 per cent stake in the company within a price band of Rs 1,039 - Rs 1,077. 

Fertilisers stocks - The stocks of fertiliser companies were seen outperforming on Tuesday with energetic buying seeing in these counters. The shares of Madras Fertilizers froze in a 20 per cent upper circuit while Rashtriya Chemicals & Fertilizers (RCF), Gujarat State Fertilizers & Chemicals (GSFC), National Fertilizers, and Zuari Agro zoomed 8-13 per cent each. Fertilisers shares have been in demand due to the commodity boom, especially after the commencement of the Russia-Ukraine conflict. The stocks are likely to be tracked for further trading sessions. 

Alembic Pharma - The company has entered into a share purchase agreement with Orbicular Pharmaceutical Technologies Pvt Ltd (Orbicular), a joint venture partner in Aleor Dermaceuticals Limited (Aleor) to acquire the 40 per cent stake held by them in Aleor. In terms of the acquisition, Aleor becomes a wholly-owned subsidiary of the company. The share of Alembic Pharma has ended 0.25 per cent up on Tuesday and is likely to be in focus on Wednesday.