Overnight Digest : Stocks likely to be in focus on February 28
On Friday, around 300 stocks hit their lower circuits against 250 stocks hitting the upper circuit on the BSE.
After witnessing heaving selling on Thursday, the domestic benchmark indices cheerfully recouped almost half of the previous day's losses on Friday. The important factor which drove the short covering in the domestic and global markets on Friday i.e. February 25 is the relief that the economic sanctions announced by the US and others have so far not included any exile of the Russian economy from the global SWIFT payment system.
At the close, Sensex settled in green being up 1,328.61 points or 2.44 per cent at 55,858.52 level whereas Nifty zooming 410.40 points or 2.53 per cent at 16,658.40 level.
All the sectoral indices ended in the green with PSU Bank, power, metal and realty indices up 4-6 per cent. In the broader markets, BSE midcap and smallcap indices rose 4 per cent each.
Keep an eye on these stocks for Monday's trading session:
Britannia Industries - Despite the bullish market on Friday, shares of Britannia Industries slipped 3 per cent to Rs 3,352 as input cost pressure concerns weighed on the stock. This FMCG stock traded closer to its 52-week low of Rs 3,350 touched on February 26, 2021. On the charts, the stock is trading in a sideways trend for the last couple of trading sessions whereas the RSI and MACD indicators are giving bearish signals.
TCS - The stock traded in positive territory throughout Friday's trading session. The company announced its partnership with the University of Kashmir and has launched a program to improve the employability skills of students in Kashmir, under its Corporate Social Responsibility initiative. Over the next three years, TCS will carry out its Youth Employment Program (YEP), BridgeIT, goIT, Ignite My Future (IMF) and Adult Literacy Program (ALP) which have already seen success in other parts of the country. The stock has closed 3.63 per cent higher on Friday.
Linde India - The company clocked 19.4 per cent year-on-year growth in consolidated profit at Rs 67.8 crore for the quarter ended December 2021. Revenue during the same period grew by 35.5 per cent to Rs 644.1 crore on a YoY basis due to a growth of 114 per cent in revenues from its Project Engineering business and 13 per cent growth in Gas business. The board has declared a total dividend of Rs 13.50 per share for the year ended December 2021. The stock closed 1.45 per cent higher on Friday.
Fine Organic Industries - The shares of this company hit a record high of Rs 4,318.05, soaring 9.5 per cent in Friday’s intraday trade, outperforming the benchmark indices market with a decent margin. The stock of the speciality chemicals company crossed its previous high of Rs 4,174.10 touched on February 4, 2022. The stock is also outperforming the benchmark indices on a weekly, monthly, six-monthly and yearly basis.