Overnight Digest: Stocks likely to be in focus on May 26

Asian Paints, Adani Ports, Divi’s Labs, UPL, and TCS were among the top Nifty losers while the gainers included NTPC, HDFC Life, SBI Life Insurance, HDFC & Bharti Airtel. 

The cautious mood in the market was seen for the third straight session as investors were inclined toward selling their holdings in stocks, which are still highly valued. Investors are also eyeing US FOMC minutes, which are expected to throw some light on the market direction in the near term. 

At the close, Sensex was down by 303.35 points or 0.56 per cent at 53,749.26 level while Nifty tumbled 99.40 points or 0.62 per cent at 16,025.80 level. Asian Paints, Adani Ports, Divi’s Labs, UPL, and TCS were among the top Nifty losers while the gainers included NTPC, HDFC Life, SBI Life Insurance, HDFC & Bharti Airtel. 

Apart from the bank, all other sectoral indices ended lower with oil & gas, metal, pharma, realty, capital goods, and IT index slipping between 1 and 3 per cent. In the broader markets, BSE Midcap index lost 1.9 per cent whereas the small-cap index declined 2.9 per cent. The top stocks dragging the small-cap index were Globus Spirits, GMDC, Dalmia Sugar, Garden Reach Shipbuilders & Engineers, and Gujarat Ambuja Exports.  

Keep an eye on these stocks for Thursday's trading session -  

Metropolis Healthcare - The share price of this company touched a fresh 52-week low of Rs 1,593 after the company reported a 35 per cent YoY decline in the net profit to Rs 40 crore in Q4FY22. Revenue for the quarter rose 5 per cent from a year-ago period to Rs 306 crore. The company's share touched a 52-week low of Rs 1,593 and was quoting at Rs 1,575.90, down by 6.67 per cent at the close of the trading session. 

Minda Industries – The shares of Minda Industries jumped up to 9 per cent to Rs 906.45 in today's intraday trade post the company's recommendation to the issue of bonus shares in the ratio of 1:1 i.e. one bonus share for every one share held. The company has fixed June 10, 2022, as the record date for the purpose of determining the eligibility of shareholders or beneficial owners, who shall be entitled to receive the bonus shares. The shares ended at Rs 891.70, higher by 6.78 per cent on Wednesday.  

Adani Wilmar & Ruchi Soya Industries- The shares of Adani Wilmar Ltd (AWL) and Ruchi Soya Industries lost 5 per cent each during Wednesday's trading session as investors opted to sell on the counters after the government on Tuesday exempted customs duty and Agri cess on importing 2 million tonnes of soybean & sunflower oil per year. Adani Wilmar froze in a 5 per cent lower circuit band at Rs 664.95 per share whereas Ruchi Soya Industries also plunged 5 per cent to Rs 1,045.45 on BSE. 

KPIT Technologies - The company announced at the start of the trading session today that the board of directors of KPIT Technologies at its meeting has approved the acquisition through KPIT Technologies (UK) Limited (a wholly-owned subsidiary of KPIT Technologies Ltd) of an initial 65 per cent of the shareholding in SOMIT Solutions Limited. Over a period of six months, KPIT Technologies (UK) Limited will acquire the balance of shareholding. The company closed lower by 6.34 per cent during Wednesday's trading session.