Overnight Digest: Stocks likely to be in focus on July 12
The top Nifty gainers made up of Eicher Motors, ONGC, Tata Steel, M&M and Dr Reddy's Labs while Bharti Airtel, TCS, HCL Technologies, BPCL and Infosys were among the biggest losers.
On Monday, the Indian equity markets kept an eye on the Quarterly Results. The weak start of IT earnings lowered the sentiments which made benchmark indices start the session on a negative note. During the afternoon session, the markets gained momentum but ended almost flat in Monday's trading session.
The benchmark indices ended marginally lower with Sensex being down 86.61 points or 0.16 per cent at 54,395.23 level while Nifty slipping 4.60 points or 0.03 per cent at 16,216 level.
The top Nifty gainers made up of Eicher Motors, ONGC, Tata Steel, M&M and Dr Reddy's Labs while Bharti Airtel, TCS, HCL Technologies, BPCL and Infosys were among the biggest losers.
Among sectors, auto, metal, oil & gas, realty and power indices rose 1 per cent and 4 percent whereas IT index fell nearly 3 per cent. In the broader markets, BSE midcap and smallcap indices gained between 0.5 and1 per cent.
Watch out for these stocks for Tuesday's trading session-
Coal India - Continuing its growth in capital expenditure for the ninth quarter, Coal India Limited (CIL) achieved a sturdy 65 per cent growth in the first quarter of FY23 over the comparable quarter last year. Coal India's Capex jumped to Rs 3,034 crore during April-June 2022 compared to Rs 1,841 crore of April-June 2021, posting a sizeable Rs 1,193 crore volume increase. In a volatile market, the shares of Coal India traded more than 1.5 per cent higher on Monday.
Dr Reddy's Laboratories - The shares of Dr Reddy's Laboratories climbed more than 2 per cent in the first half of Monday's trading session in an otherwise bearish market. The pharma company has launched Fesoterodine Fumarate extended-release tablets in the US market, which are used in the treatment of certain bladder-related problems. This drug is a therapeutic generic equivalent to Toviaz brand, which had US sales of approximately $211 million MAT for the most recent twelve months ending in May 2022, according to IQVIA.
ITC - The shares of ITC have hit a new high of Rs 296.65 per share on the expectations of strong earnings in Q1FY23, led by healthy volume growth in the cigarettes business. In 2022, so far, the shares of ITC have beaten the benchmark indices zooming 36 per cent against an 8.5 per cent decline in Sensex. On the daily charts, in the last five trading sessions, the stock has broken the current resistance level and is trading consistently above the same. The MACD indicator is indicating a positive trend and the RSI has given a positive breakout in today's trading session.
IT stocks - The shares of IT companies traded under pressure with Nifty IT index slipping over 3 per cent on Monday. This came after Tata Consultancy Services (TCS) reported a 185 basis points (bps) sequential decline in EBIT margins to 23.1 per cent in Q1FY23. TCS plunged 4 per cent to Rs 3,134 on NSE. Meanwhile, from Nifty IT index, Coforge, Mindtree, Larsen & Toubro Infotech & Mphasis dipped between 3 per cent and 4 per cent. Keep a watch on IT stocks for the upcoming trading sessions.