Overnight Digest: Stocks to watch out for April 21
UltraTech Cement, Maruti Suzuki, Asian Paints, Reliance Industries, and TCS were the top Sensex gainers whereas Bajaj Finance, ICICI Bank, Bajaj Finserv, Tata Steel & ITC were the top Sensex losers.
On Wednesday, reversing the previous sessions’ fall, the benchmark indices managed to settle in green. In the global market, European shares rose after a few positive earnings reports, which lifted sentiment while cautiousness over the Ukraine war, slowing growth, and rising yields monitored the gains closely.
At close, Sensex was up by 574.35 points or 1.02 per cent at 57,037.50 while Nifty was up by 177.80 points or 1.05 per cent at 17,136.50. UltraTech Cement, Maruti Suzuki, Asian Paints, Reliance Industries, and TCS were the top Sensex gainers whereas Bajaj Finance, ICICI Bank, Bajaj Finserv, Tata Steel & ITC were the top Sensex losers.
On the sectoral front, auto, pharma, IT, oil & gas indices gained between 1-2 per cent each while metal and banking stocks showed selling sentiments. In line with the benchmark indices, BSE Midcap and Smallcap indices ended higher.
Keep an eye on these stocks for Thursday's trading session -
L&T Infotech - During Wednesday's trading session, the stock contracted up to 6 per cent post Q4FY22 results declared by the company. The company reported revenue growth of 3.6 per cent on a QoQ basis in constant currency (CC) terms on a high base. Meanwhile, earnings before interest & tax (EBIT) margin lessened by 60 basis points on a QoQ basis and 210 bps on a YoY basis to 17.3 per cent in Q4FY22, which can be attributed to lower working days & revenue mix. On the daily chart, in the past two trading sessions, the stock has slipped below its 200-day moving average line and is likely to be on investors’ radar for the upcoming trading sessions.
Housing Development Finance Corporation (HDFC) - The company informed that it has entered into binding agreements to sell 10 per cent of HDFC Capital Advisors to a subsidiary of Abu Dhabi Investment Authority (ADIA), United Arab Emirates' biggest sovereign wealth fund for Rs 184 crore. After sliding for nine consecutive trading sessions, the share of HDFC has closed 1.03 per cent higher during Wednesday's trading session.
The company's Chairman, Deepak Parekh said, "This investment will help leverage ADIA’s global expertise & experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors across multiple strategies as well as asset classes in the real estate & technology ecosystem"
Bajaj Electricals - The company has announced its partnership with WTEC, which is a global developer of technology dedicated to innovation, reducing environmental impact, & enabling smart building use cases throughout the built space. Smart Engine platform is opted by the company as its infrastructure technology for energy-efficient smart lighting and fine-mesh sensor network. The company aims to bring disruptive technology to significantly impact infrastructure operations in terms of smarter solutions, efficiencies in operations, and cost savings through this partnership.
Reliance Industries - In the hopes of healthy earnings, the stock has rallied as much as 7 per cent in the past two trading sessions. Also, in the previous trading session, Reliance Brands said it had signed a deal to buy a 51 per cent stake in fashion label Abu Jani Sandeep Khosla. The stock is now trading near its record high price of Rs 2,750 hit on October 19, 2021. It has broken the current resistance level on the daily chart during Wednesday's trading session. The RSI and MACD indicators are also showing a bullish trend. On a positive day shown by the benchmark indices, the stock ended the trading session higher by 2.96 per cent.