Overnight Digest: Stocks likely to be in focus on May 10

India VIX zoomed 3.68 per cent and settled at 22.03 level

On Monday, concerns over the weakening rupee, global interest rate hikes, and tightening lockdowns in China forced the markets to take a downward trend. Sensex closed down by 364.91 points or 0.67 per cent at 54,470.67 while Nifty settled 109.40 points or 0.67 per cent lower at the 16,301.90 level. 

Oil & gas, metal, FMCG, power, realty, and PSU Bank indices faced major drag and slid 1-2 per cent. BSE Midcap and Smallcap indices lost nearly 2 per cent each. 

Watch out for these stocks for Tuesday's trading session -  

L&T Infotech and Mindtree - Post the announcement of the all-stock amalgamation of Mindtree with LTI on Friday, the shares of both the IT companies dipped up to 5 per cent on an intraday basis on Monday. The shareholders of Mindtree will receive 73 shares of LTI in exchange for 100 shares in Mindtree. In the past one month, the stocks of Mindtree and LTI have underperformed by declining up to 25 per cent in comparison with an 8 per cent dip in the benchmark index. The combined entity is named ‘LTIMindtree’ and will be led by Debashis Chatterjee, the current CEO of Mindtree. 

Reliance Industries - The stock plunged 4.3 per cent post declaration of Q4FY22 results. The company reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022, gaining 22.5 per cent as compared to Rs 13,227 crore reported in Q4FY21. The consolidated revenue from operations zoomed 38.6 per cent on a YoY basis to Rs 2,07,000 crore for the fourth quarter. The stock traded lower for the sixth trading session, dropping 9 per cent during this period. 

Tata Power – The share of this power company lost its spark and rattled up to 9 per cent to Rs 223 on Monday despite the company reporting robust Quarterly Results for the recent quarter. On a YoY basis, the company reported a 76 per cent rise in consolidated profit after tax before exceptional items at Rs 775 crore whereas consolidated revenue grew by 16 per cent, standing at Rs 12,085 crore. The company has also received approval for the merger of Coastal Gujarat Power Limited (CGPL) into Tata Power and signed a binding agreement for investment in India’s most comprehensive renewable energy platform. 

Adani Enterprises - Adani Airport Holdings Ltd (AAHL), a wholly-owned subsidiary of Adani Enterprises Ltd, today announced the successful closure of funding of USD 250 million senior secured three-year ECB facility from a consortium of Standard Chartered Bank (SCB) and Barclays Bank PLC. The facility has an option to raise an additional USD 200 million. The financing structure enables a scalable capital solution with the flexibility to tap global capital markets in line with AAHL’s vision of providing a transformational airport infrastructure platform. The share closed 2.68 per cent lower during Monday’s trading session.