Overnight Digest: Stocks likely to be in focus on May 23
BSE Realty index took the lead by jumping 4.22 per cent on an intraday basis
After starting the week on a cheering note to falling in the middle of the week, the benchmark indices again rose on Friday to end the week higher. Following global cues, the Indian equity markets witnessed substantial volatility where Sensex 30 & Nifty 50 zoomed between 2 and 3 per cent.
At the close, Sensex settled 1,534.16 points or 2.91 higher at 54,326.39 level while Nifty climbed 456.80 points or 2.89 per cent at 16,266.20 level. All Sensex stocks settled in green with Dr Reddy's Laboratories, Reliance Industries, Nestle India, Tata Steel, and L&T emerging as the Top Gainers jumping up to 8 per cent in a single day.
On the sectoral front, all the indices traded positive and ended with gains ranging between 1 per cent and 4 per cent. BSE Realty index took the lead by jumping 4.22 per cent on an intraday basis. Macrotech Developers, Prestige Estates, Sunteck Realty, Pheonix Mills, and DLF were the top gaining stocks within the index. The broader markets also advanced with BSE Midcap and BSE Smallcap indices rising 2 per cent each.
Watch out for these stocks for Monday's trading session:
Hindustan Aeronautics - During Friday's trading session, the stock flew up 6 per cent, raising investors' eyes. In the past one week, it has refused to lower down and gained 18 per cent instead post declaring strong Q4FY22 results. The company had reported a 90 per cent rise in consolidated net profit for March 2022 quarter. On the daily chart, the stock has broken its current resistance level in today's trading session whereas a positive breakout can be seen by MACD and RSI indicators in the last two trading sessions. The stock closed 4.31 per cent higher on Friday.
Welspun Corporation - The stock soared 18 per cent on Friday after the company won orders worth Rs 5,000 crore (approximately) for the supply of pipes in the United States (US). This order is for the supply of 3,25,000 MT (approx.) of large diameter coated pipes for transporting natural gas from Permian Basin to Houston. The pipes for this order will be produced from the company’s Little Rock plant in the US and the same will be executed over a period of 12 months, commencing H2FY23. This deal qualifies to be the largest order win in the company’s history.
JK Tyre & Industries - Towards the end of the trading session, the company posted the quarterly numbers for Q4FY22. On a YoY basis, it reported a 78.7 per cent fall in consolidated net profit at Rs 40.2 crore versus Rs 189.1 crore while revenue went up by 13.1 per cent at Rs 3,312 crore versus Rs 2,927.3 crore. In an otherwise bullish market, JK Tyre & Industries ended at Rs 122.4, down by 1.57 per cent.
Chennai Petroleum Corporation - On Friday, the shares of CPCL hit over a four-year high of Rs 343.60 and froze at a 5 per cent upper circuit. On the basis of strong earnings, the stock has gained over 150 per cent in the last one-and-half month. In Q4FY22, CPCL reported a four-fold jump in its consolidated net profit at Rs 1,002 crore in comparison with Rs 242 crore reported in Q4FY21. On the other hand, revenue from operations jumped 43 per cent on a YoY basis.
Jubilant FoodWorks - Domino's Pizza has launched its latest offering, ‘Paratha Pizza’. The brand, loved by its consumers for innovation & delicious products, has redefined the Indianisation of the menu by bringing a super exciting fusion of Paratha & Pizza, which gives consumers the best of both worlds. With the launch of the new Paratha Pizza range, Domino’s is trying to bring together two of the most-loved dishes, the goodness of Paratha and the cheesiness of Pizza. The stock of Jubilant FoodWorks settled 1.25 per cent higher on Friday.