Overnight Digest: Stocks to keep an eye on May 6
India VIX ended the session 7.24 per cent lower at 20.29
On Thursday, the core equity indices faded most of the intraday gains and ended on a flat note in the highly volatile session. Additionally, US index futures indicate a subdued start on Wall Street later today.
At close, Sensex ended 33.20 points or 0.06 per cent higher at 55,702.23 whereas Nifty inched higher by 5.10 points or 0.03 per cent at 16,682.70 level. About 1,491 shares have advanced, 1,771 shares declined, and 116 shares are unchanged.
On the sectoral front, power, capital goods, and IT indices rose 1-2 per cent each. On the flip side, FMCG and pharma indices contracted by 0.5-1.5 per cent.
Keep a watch on these stocks for Friday's trading session -
ABB India - The stock jumped up to 9 per cent during Thursday's trading session on the back of strong Quarterly Results declared for Q1CY22. On a standalone basis, in Q1CY22, the net profit increased more than two-fold to Rs 370 crore in comparison with Rs 151 crore as compared to Q1CY21 while the EBITDA margin improved by 170 basis points. On the other hand, the company's revenue grew 20.8 per cent in Q1FY22, standing at Rs 1,968 crore versus Rs 1,629 crore in Q1CY21. The company informed that the total orders surged to Rs 2,291 crore, the highest for the first quarter in the last five years. The stock was trading in a bearish direction for the last couple of trading sessions. On Thursday, the stock surpassed the key moving averages on the daily chart and is on the verge of giving positive MACD and RSI breakouts.
Hero MotoCorp - The management of the company has expressed a positive view regarding outpacing the industry. Owing to the macro indicators, which are in place, the company foresees double-digit growth in FY23. The picking up of the economy and lined-up festivals are expected to push up the demand for motorcycles & scooters in the coming months. For the last quarter of FY22, the company posted a pale set of numbers as the weak rural demand, price hikes, and high raw material costs affected both – the top line as well as the bottom line. The stock zoomed 5 per cent during Thursday's trading session.
SpiceJet - In an otherwise optimistic market, the stock was performing against the momentum, trading in the red. During Thursday's trading session, the stock hit its 18-month low price of Rs 52.3 per share. It is trading lower for six continuous trading sessions. So far, in 2022, the stock of this aviation company is 23 per cent down in comparison with a 4.6 per cent dip in the benchmark index. Recently, the Directorate General of Civil Aviation is doing a full safety audit of the entire SpiceJet aircraft fleet due to the back-to-back engine issue incidents that have indicated alarm bells ringing for the company.
Sona BLW Precision Forgings - The company announced that it has partnered with C-Motive Technologies. C‐Motive has developed the world's first commercially viable electrostatic motor, which is magnet‐less and uses very little copper, and delivers high torque at ultra‐high efficiency. Sona Comstar and C-Motive will collaborate to develop electrostatic drive motors for electric vehicle (EV) applications, for which, we estimate the serial production may start in 2026. The proposal, amongst others, involves participation in C-Motive's latest financing round. The share of Sona BLW Precision Forgings has gained up to 2.8 per cent during Thursday's trading session.