Overnight Digest: Stocks to be kept on your radar for March 8

Bharati Airtel, HCL Technologies, Tata Steel, Infosys and ITC were the only gainers on Sensex on Monday.

On Monday, the oil prices soared above $130 a barrel for the first time since July 2008, on the back of risk of a US and European ban on Russia’s oil export which comprises of about 10 per cent of global supply. Following the cues, domestic market along with its global peers plunged and witnessed substantial sell-off from opening hours.

Benchmark indices settled deep in the red on but managed to cut some of the of the losses. Sensex ended 1,402.74 points or 2.58 per cent lower at 52931.07, and the Nifty declined 366.10 points or 2.25 per cent at 15879.30 level. 

In the broader markets, the indices too fell in in line with the benchmarks with the BSE Mid Cap and Small Cap indices closing 2.2 per cent lower each. On the sectoral basis, the indices of rate sensitive sectors such as Auto, Realty, Bank, Financial Services squeezed between 4 and 5.5 per cent. The Nifty Metal index was the only gainer in this bearish market as it gained 2.5 per cent.

Keep an eye on these stocks for Tuesday's trading session:

JK Cement - The shares of this cement company dropped 9 per cent to Rs 2,395 making a new 52-week low, in Monday’s trading session after the company announced that its board has approved an investment of Rs 600 crore into the paint venture which will be implemented over a five-year period. The board has considered/approved entering into the paint business through a wholly-owned subsidiary (WOS). The WOS would undertake manufacturing, selling, trading, importing and exporting and otherwise dealing in all types of paints and allied products and services.

ONGC - Amid a bearish market on Monday, the shares of ONGC have soared 5 per cent to Rs 172.65 due to rising crude oil prices. The shares of the state-owned oil exploration and production company traded close to its 52-week high of Rs 176.40 touched on February 14, 2022. Oil prices gained beyond 6 per cent, hitting their highest since 2008 on Monday after the United States and European allies pondered over a Russian oil import ban while delays in the potential return of Iranian crude to global markets led to lowered supply fears. 

FMCG stocks - BSE FMCG index hit a 10-month low of 12,355, down 3 per cent in intraday trade on Monday. Shares of FMCG companies traded under pressure with most of the frontline stocks from the sector hitting their respective 52-week lows as rising commodity inflation is likely to create a challenging operating environment in the near term. Godrej Consumer Products slipped 9 per cent, while Emami and Dabur India slipped 7 per cent and 6 per cent, respectively. Britannia Industries, Procter & Gamble Hygiene & Health Care, CCL Products, Marico and Hindustan Unilever (HUL) were down between 4 per cent and 5 per cent on the BSE.

Tech Mahindra - The company announced a collaboration with APPSLINK, a global award-winning Oracle Partner specializing in Oracle Human Capital Management (HCM) and Enterprise Resource Planning (ERP) implementations. This partnership is aimed at addressing country-specific payroll coverage for Oracle SaaS Customers and focusing on standardization, compliance, and statutory requirements in payroll for organizations of every size and in countries where Oracle payroll localization is not present. The share of Tech Mahindra has closed 1.90 per cent lower in Monday's trading session.