Watch out for these stocks in Wednesday’s trading session!

This pharma company stock went 8 per cent high, do you own it?                                                                                                                                                                                                       With its shares up 8 per cent, the Indian multinational pharmaceutical company posted a net profit of Rs 130 crore in the second quarter, while its turnover increased to Rs 4,145 crore.

NSE Nifty 50 index plunged 0.25 per cent to close below 18,200 level while Sensex slipped 150 points. Nifty Midcap and Nifty Smallcap closed lower by 0.74 per cent and 0.56 per cent respectively.

The weakening global economic environment has spiked up the bond yields and dollar index, which fostered fears of recession. Fading the morning losses, the benchmark indices ended marginally lower with Nifty 50 closing 0.24 per cent down and Sensex ending lower by 0.33 per cent.  

At the time of the closing bell on Thursday, the markets eroded the day’s gains, ahead of the monthly expiry, dragged by IT, FMCG, and pharma stocks.  

 At day end, Sensex closed at 58,774.72, losing 310.71 points or 0.53 per cent whereas Nifty 50 was at 17,522.45, down by 82.50 points or 0.47 per cent.  

On Wednesday, the benchmark indices remained under pressure post the repo rate hike. RBI hiked the key policy repo rate by 50 bps to 4.90 per cent whereas the markets were relieved, as there was no CRR hike. The repo rate hike by RBI is likely to impact the home loan borrowers, both the existing as well as the new ones. While the hike is positive for the banks and the NBFCs, it is likely to be a burden for the borrowers. 

Due to the global sell-off, the Indian equity markets traded under pressure with Sensex rattling 1,416.30 points or 2.61 per cent ending at 52,792.23 level while Nifty declining 430.90 points or 2.65 per cent at 15,809.40 level.  

At noon on Thursday, the core equity indices i.e., Sensex and Nifty 50 fell sharply as the global markets took a deep plunge after the earnings results of corporates like Target and Walmart failed to meet expectations by a large margin

The benchmark indices erased the intraday gains and ended in red with Sensex plunging 460.19 points or 0.8 per cent at 57,060.87 level and Nifty ending 142.5 points or 0.83 per cent lower at 17,102.55 level.  

Going forward, we believe that stock-specific action would continue in the market. Hence, we have come out with a list of stocks that got featured in the T20 breakout system.