Overnight Digest: Stocks likely to be in focus on April 27
India VIX plunged beyond 9 per cent to end the trading session at 19.19
Taking favourable cues from the other Asian markets, the domestic equity markets gained momentum and traded substantially in green, breaking the losing streak of the previous two trading sessions. The oil market, still driving a roller coaster ride with the prices, moved up and down sharply.
At the close, Sensex zoomed beyond 780 points, closing 1.37 per cent higher at the 57,356.61 level whereas Nifty closed 1.45 per cent up, climbing beyond 240 points at the 17,200.80 level.
On the sectoral front, the sectoral indices cheered with power, realty, and utilities indices ascending more than 3 per cent each whereas consumer durables, auto & energy indices added over 2 per cent each. The Mid-Cap and small-cap indices rose 1.62 per cent & 0.76 per cent, respectively.
Keep a watch on these stocks for Wednesday's trading session -
Adani Wilmar Ltd (AWL) - The stock of this edible oil company has hit a new high of Rs 802.80, zooming 5 per cent after it recorded a market capitalisation of Rs 1 lakh crore . AWL is the seventh Adani Group company to cross the mark of Rs 1 lakh crore market cap. In the last one month, the stock has rallied 92 per cent, outperforming the benchmark as compared to a 0.25 per cent decline in BSE Sensex.
Footwear stocks - The stocks of footwear companies were seen pulling up their socks, gaining up to 18 per cent on an intraday basis. The upmove was after an initial public offering (IPO) of Campus Activewear (Campus) opened for subscription on Tuesday. Among the popular footwear stocks, Khadim India soared 18 per cent while Liberty Shoes was 13 per cent up, followed by Superhouse being 11 per cent higher and Mirza International advancing 6 per cent. Bata India, Relaxo Footwears & Metro Brands gained between 2 per cent and 4 per cent.
Jindal Stainless Steel & Jindal Stainless (Hisar) - The ongoing merger process of Jindal Stainless Limited (JSL) and Jindal Stainless (Hisar) Limited (JSHL) achieved another milestone as per the company's press release. As per the regulatory requirement, the companies convened meetings of their shareholders and creditors for approving the scheme of arrangement between the two companies. The scheme was approved by an overwhelming majority. The share of Jindal Stainless Steel & Jindal Stainless (Hisar) ended Tuesday's session 0.81 per cent lower and 0.60 per cent lower, respectively.
Adani Enterprises - The shares have hit a new lifetime high of Rs 2,412, gaining 5 per cent on an intraday basis. According to market reports, the company is in advanced talks to acquire a controlling stake in Ambuja Cements from Holcim in the coming period. The stock has traded in an upward direction since the beginning of Tuesday's trading session. The stock is likely to be in focus for the upcoming trading sessions.
Tata Teleservices (Maharashtra) - On Tuesday, the company announced financial results for Q4FY22. It posted a net loss of Rs 280.6 crore in March 2022 against a net loss of Rs 302.3 crore in December 2021. The revenue of the company was down by 4 per cent at Rs 272.8 crore versus Rs 284.2 crore on a QoQ basis. Earnings before interest, tax, depreciation & amortisation (EBITDA) were up by 3.2 per cent at Rs 120.7 crore as compared to Rs 117 crore while the margin was at 44.3 per cent versus 41.2 per cent in the previous quarter. The share slipped up to 5 per cent during the trading session but recovered soon, closing 5 per cent higher post announcement of the results in the last half an hour of Tuesday's trading session.