Overnight Digest: Stocks to be kept on the radar for February 3

IndusInd Bank, Bajaj Finserv, HCL Technologies, Bajaj Finance and HDFC Life were the top Nifty gainers, while losers included Tech Mahindra, Britannia Industries, UltraTech Cement, Hero MotoCorp and Nestle India.

On Wednesday, the domestic market continued to trade bullidh tracking budget cues and positive sentiments from global markets. Most sectors traded in greeen while banking and finance stocks contributed the most towards the gain. In the broader markets,  BSE midcap and smallcap indices rose 1-1.5 per cent.

At close, the Sensex was up 695.76 points or 1.18 per cent at 59,558.33, and the Nifty was up 203.20 points or 1.16 per cent at 17,780. IndusInd Bank, Bajaj Finserv, HCL Technologies, Bajaj Finance and HDFC Life were the top Nifty gainers, while losers included Tech Mahindra, Britannia Industries, UltraTech Cement, Hero MotoCorp and Nestle India.

Keep a watch on these stocks for Thursday's trading session:

Tech Mahindra - The shares of the IT company dipped 4 per cent in Wednesday’s intra-day trade after the IT firm's earnings before interest and tax (EBIT) margin declined by 40 bps on a QoQ basis to 14.8 per cent in Q3FY22 due to salary hikes, higher sub costs and lower utilization. In Q3FY22, Tech Mahindra’s revenues increased by 4.7 per cent QoQ in constant currency terms, while it was up 4.1 per cent in dollar terms and 5.2 per cent in rupee terms. The stock has closed 1.69 per cent down at Rs 1,480.30 per share on BSE.

Chemical stocks - On Wednesday, most chemical stocks were trading in positive territory due to the reduced custom duty announced on acetic acid and methanol in Budget 2022. Balaji Amines, Alkyl Amines, Gujarat Alkalies, Deepak Nitrite, BASF India, Galaxy Surfactants, and Gujarat Fuluorochem were among the top gainers from the chemical's basket, up around 2-6 per cent. On the other hand, Gujarat Narmada Valley Fertilisers (GNFC) and GNFC witnessed a price decline. Keep a watch on chemical stocks for Wednesday's trading session.

Vodafone Idea - The shares of the company have closed 6.54 per cent higher at Rs 11.40 per share on BSE in Wednesday’s trading session on the back of heavy volumes after Care Ratings (CARE) upgraded its rating on the company’s long term bank facilities and non-convertible debentures (NCD). The rating agency also assigned a 'stable' outlook. The revision in the ratings assigned to the bank facilities and instruments of the company follows an improvement in the industry dynamics post announcement of telecom reforms by the Government of India (GoI).

Tata Teleservices (Maharashtra) - The stocks has hit a 5 per cent upper circuit on Wednesday. The company announced that it has decided not to opt for conversion of interest related to adjusted gross revenue (AGR) dues into equity in the name of the government, as the company had planned earlier. Since January 10, 2022, the stock has dipped around 51 per cent after it announced its decision to convert interest related to AGR dues of Rs 850 crore into equity. Keep a watch on this stock for further trading sessions.