Overnight Digest: Stocks to keep an eye on June 10
India VIX dropped 3.25 per cent to end at 19.14 level.
The equity markets cheered as benchmark indices broke the four-day losing streak supported by strength in oil & gas, financial, IT and pharma shares. However, weakness in metal shares capped the upside gains. Sensex ended 427.79 points higher at 55,320.28 level while Nifty zoomed 121.85 points to end at 16,478.10 level.
The top stocks within the Sensex were Dr. Reddy's Laboratories, Reliance Industries, Bharti Airtel, Sun Pharma and Tech Mahindra. The market breadth favored the bulls as the advance-decline ratio stood at 5:4. The broader markets also settled the volatile session in the green, with the Nifty Midcap 100 and Nifty Smallcap 100 indices zooming 0.5 per cent and 0.2 per cent, respectively.
Watch out for these stocks in Friday's trading session:
UPL - The company announced that it would launch new insecticides in India containing the patented active ingredient Flupyrimin to target the most damaging rice pests. The launch will coincide with the Kharif crop sowing season, typically starting in June, with rice the most important crop sown at this time. Flupyrimin is a novel insecticide with unique biological properties and residual control, effective against major rice pests such as brown plant hopper (BPH) and yellow stem borer (YSB). The stock of UPL gained 1.61 per cent towards the end of Thursday's trading session.
BLS International Services - Shares of BLS International jumped 10 per cent in the first half of Thursday's trading session when otherwise the market was bearish after the company acquired Zero Mass Private Ltd (ZMPL) for Rs 120 crore. The company can now be called the largest business correspondent (BC) network in India. ZMPL is operating the largest business-to-customer network for the State Bank of India (SBI) with around 11,500 active CSPs (around 15 per cent of all the SBI BCs). Other than SBI, ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank.
Deepak Nitrite - Shares of Deepak Nitrite dipped 5 per cent and fell 9 per cent in the last two trading sessions due to news regarding the plant closure notice issued to the company. Reports regarding the same say that the Gujarat government seemed to have issued a closure notice to the chemical intermediate maker over the recent Nandesari explosions. The stock of Deepak Nitrite traded close to its 52-week low of Rs 1,712.50 hit on June 21, 2021.
Metal Stocks - While the benchmark reversed the losses eventually in Thursday's trading session, metal stocks lost their shine on the opposite side. BSE Metal Index plunged beyond 1.5 per cent while the other sectoral indices traded on a positive note. The top stocks dragging the metal index were Tata Steel, Vedanta, Hindustan Zinc, NMDC and Jindal Steel falling up to 3.84 per cent. APL Apollo Tubes and Coal India were the only two gainers in BSE Metal Index on Thursday.