Overnight Digest: Stocks likely to be in focus on June 2
Bullish engulfing pattern was witnessed in 3M India, Mahindra Lifespace Developers, Sterling Tools & NIIT
After making a cautious start amid mixed global cues, the Indian benchmark indices ended the day on a negative note with Nifty closing at 16,522 and Sensex ending at 55,381.
On the sectoral front, a mixed trend was seen where banking, capital goods & metals ended higher whereas on the flip side, realty, IT and healthcare dipped.
Meanwhile, in the broader markets, positivity kept the participants engaged. BSE Smallcap index gained 0.62 per cent whereas BSE Midcap index slipped 0.10 per cent at the time of market closing.
Watch out for these stocks for Thursday's trading session:
Reliance Industries - Post market hours on Wednesday, Reliance Brands Limited (RBL) and Plastic Legno SPA signed a joint venture arrangement through which, RBL will acquire a 40 per cent stake in Plastic Legno SPA’s toy manufacturing business in India. This investment by RBL serves a dual purpose, bringing in vertical integration for RBL’s toy business and helping diversify the supply chain with a long-term strategic interest in building toy manufacturing in India. Reliance Industries traded flat during Wednesday's trading session, being 0.089 per cent up on BSE.
Coal India - Boosting up its production, the company posted a strong 30 per cent output growth in May 2022. The increase in volume terms was 12.6 million tonnes (MTs). The company produced 54.7 million tonnes (MTs) of coal during the month compared to 42.1 MTs produced in May 2021. During the first two months of FY22, Coal India produced 24.2 MTs more coal as compared to the same period a year ago, representing a healthy 29 per cent growth. The share gained 2.02 per cent at the close of Wednesday's trading session.
Natco Pharma - At the start of Wednesday's trading session, the company announced the launch of the first generic version of Nexavar® (Sorafenib) tablets in 200 mg strength in the US market. The product will be launched by NATCO’s commercial partner Viatris, a global pharmaceutical company. Sorafenib is prescribed for the treatment of unresectable hepatocellular carcinoma (HCC), advanced renal cell carcinoma (RCC), and differentiated thyroid carcinoma (DTC). The share closed 2.75 per cent higher at Rs 711.10 per share on Wednesday.
Bullish engulfing pattern - Bullish engulfing pattern was witnessed in 3M India, Mahindra Lifespace Developers, Sterling Tools & NIIT. These stocks zoomed 4.85 per cent, 3.67 per cent, 5.66 per cent and 3.14 per cent, respectively, and will be on investors' radar for Thursday's trading session.
Sugar stocks - Shree Renuka Sugars and Dhampur Sugar Mills managed to close on a positive note in a bearish market. Both the stocks were up by 11.73 per cent & 11.77 per cent, respectively. In these two sugar stocks, a bullish engulfing pattern was seen and hence, they would be on investors' watchlist for Thursday's trading session.