Overnight Digest: Stocks likely to be in focus on February 23
Tata Steel, TCS, BPCL, Tata Motors and SBI Life Insurance were the top Nifty losers. Gainers included M&M, Bajaj Finserv, Eicher Motors, Hindalco Industries and ONGC.
On Tuesday, advancement in the Russia-Ukraine issue and a rise in oil prices led global markets to plunge sharply. Consequently, Indian equities opened sharp in red tracking overnight fall in the global market but could cut down their losses during the late session.
At the close, Sensex settled 0.66 per cent lower at 57300.68 level whereas Nifty was down 0.67 per cent at 17092.20 level.
All the sectoral indices as well as broader market indices also ended the day in red.
Keep these stocks on your radar for Wednesday's trading session:
BPCL - The stock of BPCL has hit its 52-week low price in Tuesday's trading session at Rs 356, down 3.5 per cent on the BSE. The stock has plunged 29 per cent from its 52-week high of Rs 503 which was hit on September 14, 2021. The bearish sentiments over the stock are due to the reports that the privatisation of the company which is India's second-largest oil refiner may have been delayed to the next fiscal year as no bidder visited the firm's premises in the last quarter. On the other hand, oil prices zoomed to a seven-year high on Tuesday which added to the worry concerns.
FSN E-commerce - The shares of FSN e-Commerce Ventures, the parent company of beauty e-tailer Nykaa, hit a new low of Rs 1,218.80 after it contracted 8 per cent on the BSE in Tuesday's trading session. The stock of this retailer has plunged 36 per cent in the last 11 trading days post a disappointing set of numbers reported for Q3FY22. The stock touched its record high price at Rs 2,574 per share on November 26, 2021, from where it has declined by 53 per cent at present.
Realty stocks - The BSE Realty index has shed 3 per cent in Tuesday's trading session underperforming the other sectoral indices as well as benchmark indices. The only gaining stocks within the index were Indiabulls Real Estate and Oberoi Realty rising 10.39 per cent and 0.13 per cent, respectively. The top stocks dragging the index were Macrotech Developers, Sunteck Realty, DLF, Prestige Estates and Sobha.
Cholamandalam Investment and Finance - On a bearish day for the equity markets, within the BSE 500 index, the only stock that has managed to make a fresh 52-week high is Cholamandalam Investment and Finance. The stock has touched a price of Rs 701.75 in Tuesday's trading session and has closed 2.3 per cent higher. On the charts, the stock is trading in a sideways trend whereas RSI is showing a positive indication. Also, MACD is on the verge of a crossover and hence is likely to be in focus on Wednesday.