Overnight Digest: Stocks likely to be in focus on March 24
March 23, 2022 marks the second anniversary since the market crashed and touched a low point due to the outbreak of pandemic and declaration of lockdown. Since the same day, Nifty has managed to travel a long way and registered attractive returns. The Indian investors have portrayed courage believing in the asset class of equities depite of a pullback by FPI's for a big time.
On Wednesday, benchmark indices ended lower with Nifty below 17300 trading on a volatile note. At the end, Sensex was down 304.48 points or 0.53 per cent at 57,684.82 level whereas Nifty was down 69.80 points or 0.40 per cent at 17,245.70 level. About 1424 shares have advanced, 1891 shares declined, and 118 shares are unchanged.
Looking at the sectoral trend, healthcare, metal, oil & gas and power indices ended on a positive note gaining more than 1 per cent while selling was seen in the auto, bank, capital goods and FMCG. For the second day in a row, BSE midcap and smallcap indices ended on flat note.
Keep an eye on these stocks for Thursday's trading session:
CAMS - CAMS Insurance Repository Services Ltd (CAMSRep), has announced the launch of Deep Contact Tracing. This new offering assists Insurance companies in addressing their Unclaimed amounts, a long-standing problem of the Insurance industry. "Using a combination of proprietary algorithms and advanced digital search, we assist Insurance companies to find the rightful claimants of these unclaimed amounts", said the company in its press release. The share traded in positive territory throughout the trading session and ended 0.57 per cent higher.
Kotak Mahindra Bank - The bank announced the acquisition of Open Network for Digital Commerce (ONDC). It was incorporated in India on December 30, 2021, as a Section 8 company. ONDC is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services and to expand alternatives for both buyers and sellers to engage in the Digital Commerce space. On Wednesday, the share started the session on a positive note but faded the gains during the day and ended the trading session 2.25 per cent down.
Adani Power - On Wednesday, in an otherwise volatile market, the shares of this company rallied on the news that the company has approved a proposal to merge six wholly-owned units with itself, which allows it to revamp its corporate structure and better control costs and resources. The shares zoomed more than 7.5 per cent on an intraday basis. On Tuesday, it also signed a pact with Japanese firms IHI Corp and Kowa to study running its coal plants with ammonia derived from green hydrogen. The share ended the day 5.17 per cent higher catching some limelight.
Indian Hotels Company - The shares of this Tata Group company gained up to 3 per cent on an intraday basis after the company announced that its qualified institutional placement (QIP) committee has approved the QIP issue on March 22, 2022. The company has proposed to mobilize around Rs 2000 crore through QIP and has a fixed floor price at Rs 203.48 per share. The board of directors of the company have planned to meet on March 25, 2022, to consider and approve the issue price, including a discount to allot equity shares to qualified institutional buyers. On the charts, the stock is currently trading above its 50 DEMA and the RSI indicator is on the verge of a positive breakout. Hence, keep a watch on this stock for upcoming trading sessions.