Overnight Digest: Stocks likely to be in focus on February 24
The rebound in the broader market was seen sharper than benchmark indices where midcap and smallcap indices closed in green.
On Wednesday, the domestic benchmark indices traded on a positive note but ended lower after the five-day losing streak in hopes the sanction by the West may not hit Russian oil supplies.
At close, Sensex contracted 68.62 points or 0.12 per cent and settled at 57232.06 level while Nifty lost 28.90 points or 0.17 per cent settling at 17063.30 level.
Other than realty and consumer durables, most of the sectoral indices ended on a flat note. BSE Realty Index rose 3.2 per cent whereas BSE Consumer Durables index closed 1.38 per cent higher. The rebound in the broader market was seen sharper than benchmark indices where midcap and smallcap indices closed in green.
Keep these stocks on your radar for Thursday's trading session:
Adani Enterprises - The company announced divestment of its entire stake in DC Development Hyderabad Pvt Ltd and Naida Data Center (NDCL) to AdaniConnex Pvt Ltd. Consequently, DC Development Hyderabad and NDCL have ceased to be wholly-owned subsidiaries of the company. AdaniConnex is a 50 per cent joint venture company of AEL with EdgeConneX Europe B.V. The share has closed 1.38 per cent higher in Wednesday's trading session.
Tech Mahindra - The company announced that it has collaborated with ASKA, a drive and fly company that offers consumers a new generation commuter vehicle by combining the convenience of an automobile, with the safety, ease and efficiency of VTOL (Vertical Take-off And Landing) and STOL (Short Take Off and Landing) flight, to create the best drive-and-fly experience. The collaboration aims to solve the worldwide problem of traffic congestion and improve people’s quality of life with the world's first viable drive & fly eVTOL (Electric drive & fly Vertical Take-off and Landing).
TVS Motors - The company said its exports in the two-wheeler segment clocked sales of one million (10 lakh) units, marking a significant milestone in the current financial year for the first time. The exports include the sales from TVS Motor and also from Indonesian unit PT TVS. The stock traded in red on Wednesday and despite the news, ended 1.73 per cent lower.
Kansai Nerolac - The shares of this company hit a 52-week low of Rs 468.85, down 3 per cent on Wednesday due to weak demand. In February, so far, the stock has fallen 17 per cent after the company reported a 34.7 per cent de-growth in profit after tax (PAT) at Rs 132 crore on a YoY basis due to lower industrial volume offtake and delay in passing of higher raw material prices and higher operational cost. The stock has closed 3.98 per cent lower and is likely to be in focus on Thursday.