Overnight Digest: Stocks to watch out for on September 21

Benchmark indices have dived into the red on September 20, 2021, dragged by the metal and banking stocks. At the end of the trading session, Sensex plunged by 524.96 points or 0.89 per cent closing at 58,490.93 levels and the Nifty tumbled 188.30 points or 1.07 per cent settling at 17,396.90 levels.

On the sectoral front, except FMCG, all other sectoral indices slipped in red with the metal index declining the most by 7 per cent. The broader markets also frowned as the BSE midcap and smallcap indices fell nearly 2 per cent each.

Following stocks are likely to be in focus on Tuesday:

ITC - Despite a red day for markets, ITC share price extended the rally, rising over 3 per cent during the day to Rs 239.35 per share on BSE on an intraday basis on Monday. The stock has crossed its previous high of Rs 234.35 per share, posted on February 5, 2021. ITC's share price has jumped over 8.81 per cent in the last week, as compared to a rise of 0.15 per cent given by S&P BSE Sensex. Keep a watch on this stock for Tuesday's trading session. 

IVP - The company announced a positive revision in ratings from India Ratings & Research of Long-term/Short-term bank facilities of instruments having fund-based working capital limit as well as non-fund-based working capital limit. The stable outlook reflects IVP's strong financial recovery in FY21, backed by a healthy increase in the volume sales of polyurethane (PU) and an improvement in the realisations of the division. The stock is likely to be in focus on Tuesday.

Indian Hotels - On Monday, notwithstanding the plunge in the BSE Midcap index, the stock zoomed up to 12.09 per cent on the back of a surge in trading volumes. It surpassed its 52-week high price making fresh highs at Rs 169.55 per share. The upsurge in Indian Hotels stock price came after data showed a pick up in air traffic, indicating increased demand for travel and tourism. Keep a watch on this stock for Tuesday's trading session.

Metal stocks - On Monday, the metal stocks have faced the brunt amid concerns over weak near-term demand from China. The BSE Metal index dropped heavily by 6.8 per cent on an intra-day basis. The metal stocks are likely to be on the radar of investors for Tuesday. 

GMR Infrastructure - The stock has ended the trading session with a 7.77 per cent gain on Monday at Rs 34.05 per share. Breaking the current resistance level, the stock has formed a long green candle on the charts. After consecutive trading sessions of low trading volumes since June 23, 2021, the stock witnessed a significant jump in volumes on Monday. Keep a close watch on this stock on Tuesday.