Overnight Digest: Stocks to be kept an eye on April 8
On the BSE Sensex, the top stocks were Mahindra & Mahindra, Tech Mahindra, Sun Pharmaceuticals, Induslnd Bank, and NTPC whereas the top losing stocks today were Titan, HDFC Bank, Wipro, HDFC, TCS, and Reliance Industries.
On Thursday, the benchmark indices ended lower for the third consecutive session, ahead of the RBI policy outcome on Friday.
Sensex was down by 575.46 points or 0.97 per cent at 59,034.95 level while Nifty tumbled 168.20 points or 0.94 per cent at 17,639.50. About 1,678 shares have advanced, 1,644 shares declined, and 102 shares are unchanged.
Other than pharma, all other sectoral indices ended in the red. In the broader markets, BSE Midcap and Smallcap indices also ended lower.
Keep a watch on these stocks for Friday's trading session:
TCS - TCS and the Centre for Governance & Sustainability (CGS) at National University of Singapore (NUS) Business School have announced their collaboration to make corporate governance assessment quicker and more efficient. This will contribute to the betterment of professional practices among institutions, government bodies, and businesses in Singapore & Asia. On Thursday, the stock traded in the red territory throughout the day. The share ended the session 1.93 per cent lower .
IDFC - The company's share price plunged 7 per cent on an intraday basis on Thursday, a day after the company announced the divestment of IDFC and IDFC Financial Holdings' entire shareholding in IDFC AMC and IDFC AMC Trustee to a consortium led by Bandhan Financial Holding Limited for Rs 4,500 crore. The stock is still trading above its key moving averages; however, it has given a bearish RSI crossover, which is likely to keep it on the radar for further trading sessions.
Power stocks - The shares of power companies are buzzing due to a boost in the country’s electricity consumption on the back of the early onset of summer along with heatwaves. Over the last five trading sessions, NTPC has zoomed 17 per cent while Power Grid Corporation gained 10.7 per cent. Higher demand for electricity in March compelled India to slice coal supplies to the non-power sector and hold fuel auction plans for utilities due to sink-in inventories.
Yes Bank - The shares of this bank soared 10.6 per cent to Rs 16.25 per share, touching a 52-week high in an otherwise weak market, post upgradation by CARE Ratings of infrastructure, lower tier-2, and upper tier-2 bonds to positive. Its stock price has ascended more than 22 per cent in the past five trading sessions. In April 2022, so far, the stock price has climbed 49 per cent versus a one per cent gain in BSE Sensex.