Overnight Digest: Stocks to watch out on March 14
Cipla, BPCL, Sun Pharma, JSW Steel and IOC were among the top Nifty gainers, while losers were Nestle India, Maruti Suzuki, Tata Consumer Products, Hindalco Industries and NTPC.
On Friday, the domestic benchmark indices remained range-bound due to cautiousness on the back of rising cost pressures on corporates, increase in global inflation globally and sluggish automobile dispatches to dealers due to supply constraints.
At close, the Sensex was up 85.91 points or 0.15 per cent at 55,550.30 level, and the Nifty was up 35.60 points or 0.21 per cent at 16,630.50 level. About 2004 shares have advanced, 1257 shares declined, and 112 shares are unchanged.
On the sectoral front, pharma index gained 2 per cent and oil & gas indices added 1 per cent. In the broader markets, the BSE midcap and smallcap indices ended in the green.
Keep a watch on these stocks for Monday's trading session :
Laurus Labs - The shares of this pharma company hit an over four-month high of Rs 587.65, gaining 6 per cent in Friday's trading session due to heavy volumes. On February 10, 2022, the company said it received purchase orders from a leading global life sciences company and the supplies will commence from March 2022. Since then, the stock has rallied 12 per cent. For the past three trading sessions, the stock is trading above its 50 DEMA giving a bullish indication.
ICICI Bank - ICICI Bank has signed an agreement for investment in National Asset Reconstruction Company Limited (NARCL) for a total cash consideration of up to Rs 1,375.0 million in tranches to acquire up to 5 per cent equity holding in NARCL. The stock has closed for the week, 0.22 per cent up at Rs 678.05 on BSE.
Cipla - The stock of this company traded higher for the fifth straight day, up 6 per cent during this period. The shares of this company touched a record high price of Rs 1,014, up 3 per cent in Friday’s intra-day trade and crossed its previous high of 1,005 hit on September 29, 2021. Seeing at the last 10 trading days, the stock has zoomed 10 per cent after the company on February 27, announced that it has received approval from the Subject Expert Committee of the Central Drugs Standard Control Organization (CDSCO) to conduct local trials on anti-Covid-19 pill Paxlovid on February 24, 2022.
Paper stocks - On Friday, shares of paper companies gained up to 14 per cent on the back of heavy volumes, on the expectation that re-opening of offices, educational institutions, and courts will help in the regularization of demand. JK Paper, Tamil Nadu Newsprint & Paper, West Coast Paper Mills, Ruchira Papers and Star Paper Mills rose between 8 per cent and 14 per cent on the BSE in Friday's intraday trade.