Overnight Digest : Stocks likely to be in focus on March 3
Sensex lost over 1,200 points intra-day but recovered some of the losses towards the end of the session.
Throughout Wednesday's trading session, domestic equities traded in the red as the conflict between Russia-Ukraine continued. Also, rising Brent crude prices coupled with weak global cues lowered the market sentiment. Sensex lost over 1,200 points intra-day but recovered some of the losses towards the end of the session.
At the close, Sensex dropped 689.78 points or 1.23 per cent at 55,557.50 level, and the Nifty contracted 165.10 points or 0.98 per cent at 16628.80 level. About 1642 shares have advanced, 1537 shares declined, and 101 shares are unchanged.
On the sectoral front, metal and energy-related stocks helped to cut down losses with Coal India, Tata Steel, Hindalco, UPL, JSW Steel, Titan, and Reliance Industries closing higher in the range of 1.7 per cent to 9 per cent. In the broader markets, the BSE MidCap and SmallCap indices ended 0.1 per cent lower each.
Keep a watch on these stocks for Thursday's trading session :
Vedanta - The shares of this company hit an over 11-year high of Rs 395.25, up 4 per cent on BSE in an otherwise weak market due to rising commodity prices. The stock was seen trading at its highest level since May 2010. In the past one week, the stock has outperformed the market by zooming 12 per cent on an increase in commodity prices which includes crude oil and metals as tensions between Russia and Ukraine have advanced. In today's session, on the technical front, the stock has recorded a MACD crossover along with a positive RSI. Keep a watch on this stock for further trading sessions.
Tata Consultancy Services - TCS was chosen by CEMEX, a global building materials company, to accelerate its digital transformation and improve the employee experience for its more than 40,000 people worldwide. CEMEX selected TCS to help drive its global ‘Working Smarter’ initiative that aims to adapt to evolving market needs, enhance operational resilience, and improve business agility. TCS will work closely with the Monterrey, Mexico-based company for the next seven years to achieve this vision with a digitally-enabled smart workplace. The stock has closed 0.15 per cent down on Wednesday.
Coal India - The shares of this coal producing company rose up to 6 per cent during Wednesday's trading session after on the back of improvement in output and sales performance for February reported by the company. The firm produced 64.3 million tons of coal in February, registering a growth of nearly 4 per cent compared to the year-ago period. On a month-on-month basis, the company's average production increased to 2.3 MT per day in February.
HDFC Bank - The shares of this bank slipped 5 per cent to Rs 1,358 on Wednesday attributed to continuous selling pressure in financial shares, mainly private institutions. Stock of the private sector lender traded at its lowest level since April 2021. The stock quoted close to its 52-week low of Rs 1,353.10 per share hit on April 12, 2021. For the same period, BSE Sensex was down 1.9 per cent. On the charts, the stock is trading in a downward trend and the MACD, as well as RSI indicators, also point towards a bearish trend.