Overnight Digest: Stocks likely to be in focus on June 13

On a sectoral basis, the majority indices fell below 1 per cent whereas BSE Oil & Gas and BSE Finance tumbled more than 2 per cent each. 

The benchmark indices denied having a cheerful weekend and witnessed a steep fall with Sensex dipping over 1,000 points. Taking cues from losses in global peers, BSE Sensex plunged 1,114 points intraday before settling at 54,303, down by 1,017 points or 1.84 per cent. Meanwhile, Nifty 50 held the 16,200-mark to settle at the 16,202 level, sinking 276 points or 1.68 per cent. 

Out of 50, over 35 stocks in Nifty ended the session lower with Bajaj Finance, HDFC, Kotak Mahindra Bank, Hindalco, Wipro, Reliance Industries, Tech Mahindra & Infosys declining between 2.5 per cent and 4 per cent. On a sectoral basis, the majority indices fell below 1 per cent whereas BSE Oil & Gas and BSE Finance tumbled more than 2 per cent each. 

Keep a watch on these stocks for Monday's trading session: 

Alembic Pharma - The company has received tentative approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Dasatinib tablets, 20 mg, 50 mg, 70 mg, 80 mg, 100 mg & 140 mg. Dasatinib is used to treat Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML) in adults and children. Dasatinib tablets have an estimated market size of US$ 1,465 million for twelve months ending December 2021, according to IQVIA. The share closed 0.07 per cent lower in an otherwise weak market.  

Bajaj Auto - The shares of Bajaj Auto zoomed 2 per cent in an otherwise bearish market after the company said that its board will consider a buyback proposal on June 14, 2022. The primary objective of a share buyback programme is to restrict the fall in the value of a stock by lowering the supply of the stock; consequently, pushing up the share price via an improved price-to-earnings (P/E) multiple. The shares closed the trading session 0.22 per cent higher.  

IIFL Finance - The shares of IIFL Finance has shone today, rallying 8 per cent thereby, beating the falling market. This move comes after the news that Abu Dhabi Investment Authority (ADIA) planned to invest Rs 2,200 crore in IIFL Home Finance for a 20 per cent equity stake. IIFL Home Finance plans to use the additional capital to continue its expansion strategy into new markets to cater to the significant and growing demand for housing loans. The share ended the session 7.57 per cent higher.  

Vadilal Industries - The stock has hit a new record high price, soaring 5 per cent against the general market momentum. This gain comes after an improved business outlook predicted for the company. In the last six months, the stock has made investors happy by delivering returns of over 110 per cent, driven by strong earnings for the quarter and year ended March 2022. The stock of Vadilal Industries settled 3.61 per cent higher on Friday.