Overnight Digest: Stocks to be kept on radar for February 16
Tata Motors, Eicher Motors, Bajaj Finance, Shree Cements and Hero MotoCorp were the top Nifty gainers, while losers were Cipla and ONGC.
On Tuesday, breaking the two-day losing streak and experiencing purchasing in frontline indices, Indian equities recorded gains in the afternoon session, staying near the day's high point. The report indicating that India and the UAE are set to sign a free trade agreement (FTA) on February 18, uplifted the sentiments.
At close, the Sensex was up 1,736.21 points or 3.08 per cent at 58,142.05, and the Nifty was up 509.70 points or 3.03 per cent at 17,352.50.
All sectoral indices ended in the green among which auto, bank, realty, capital goods, PSU bank, IT and FMCG indices caught attention being up 2-3 per cent.
In the broader markets, BSE midcap and smallcap indices rose 2 per cent each.
Keep a watch on these stocks for Wednesday's trading session:
IndusInd Bank - IndusInd Bank announced that it has been empanelled by the Small Farmers Agri-Business Consortium (SFAC) to facilitate digital collection and settlement services on National Agriculture Market (e-NAM) portal for the transactions between farmers and traders across the country. Induslnd Bank has been directly integrated with the e-NAM platform to provide safe and hassle-free payments, clearing and settlement services to the farmers and traders. The share has closed more than 3 per cent higher in Tuesday's trading session.
Manappuram Finance - The shares of the company hit a 52-week low of Rs 123.75 and closed 10 per cent lower on the BSE in Tuesday's intra-day trade after the financier reported a 46 per cent year-on-year (YoY) drop in consolidated net profit at Rs 261 crore in Q3FY22, due to weak operational performance. Net interest income (NII) fell 12 per cent on a YoY basis to Rs 915 crore due to sharp compression in spreads. In Q3FY22, profit before tax (PBT) of gold loan and others segment contracted 44 per cent on a YoY basis at Rs 347 crore, while PBT of microfinance (MFI) business slipped to Rs 0.78 crore from Rs 32.18 crore in Q3FY21.
Cipla - Shares of Cipla plunged 5 per cent to Rs 910 on the BSE in Tuesday's trading session after more than 2 per cent of the total equity of the pharmaceutical company changed hands via block deal. Post this transaction, the promoter group will continue to hold 34.23 per cent of the company. The group remains fully committed and invested in the future of Cipla Limited.
Zomato - The shares of Zomato slid below the issue price for the first time since listing in Tuesday's trading session. The stock hit a low of Rs 75.75 on BSE, down 8 per cent from its issue price. The share has been trading lower for four consecutive sessions dipping around 20 per cent in this period. The stock was listed on July 23, 2021, at an issue price was Rs 76. On a YTD basis, the share has contracted 45 per cent.