Overnight Digest: Stocks likely to be in focus on June 6

BSE Power index squeezed 2.4 per cent on an intraday basis dragged by ABB India, Adani Green, Adani Power, Adani Transmission, and Torrent Power.

On Friday, the benchmark indices ended marginally lower after making a cheerful start with Sensex opening 500 points on the upside. Amid the volatile session, Sensex dipped more than 600 points from the day's high to settle 49 points lower at 55,769.23 level while Nifty50 lost 44 points to end at 16,584 level.  

UltraTech Cement, Maruti Suzuki, NTPC, Bajaj Finserv, IndusInd Bank, and Axis Bank were seen as the Top Losers whereas Reliance Industries continued its gains on Friday as well, followed by Infosys, L&T, HCL Technologies, and Sun Pharma. 

In the broader markets, selling pressure was seen wherein Nifty Midcap 100 and Smallcap 100 indices fell 1.6 per cent & 0.86 per cent, respectively. On the sectoral front, the utilities and power index declined more than 2 per cent each while metal, consumer durables, telecom & auto indices slipped more than a per cent each. BSE Power index squeezed 2.4 per cent on an intraday basis dragged by ABB India, Adani Green, Adani Power, Adani Transmission, and Torrent Power ending lower with a fall between 3 and 4 per cent. 

Watch out for these stocks for Monday's trading session -

Aether Industries - The shares of Aether Industries froze in the upper circuit on its debut day opening at Rs 706 per share on the BSE whereas Rs 704 per share on NSE, a 10-per cent premium over its issue price of Rs 642. The Rs 800-crore initial public offer (IPO) was subscribed 6.26 times. The qualified institutional buyers (QIBs) category was subscribed 17.57 times whereas the non-institutional investor’s category was subscribed 2.52 times. At the same time, the retail investor’s category was subscribed 1.14 times. 

Adani Ports & Special Economic Zone - Adani Ports & SEZ witnessed robust business activity in May 2022 as it witnessed a year-on-year growth of 4 per cent in the cargo volume at 30.37 MT. Coal volumes too rose by 6 per cent supported by both the thermal and coking coal volumes. Thermal coal volumes rose by 5 per cent while coking coal volume improved by 9 per cent. The share of Adani Ports and SEZ opened in green but erased the morning losses to end 1.23 per cent lower on Friday. 

Deepak Nitrite - The shares of Deepak Nitrite plunged 5 per cent in an otherwise firm market after the company's manufacturing facility in the Nandesari GIDC area in Vadodara was attacked by a massive fire following five chemical blasts on Thursday. The company declared in a press release that the company monitored the situation and the property's loss was insured. On the other hand, in the past one month the stock has underperformed the market slipping 14 per cent as compared to a 1.4 per cent decline in Sensex. The share of this specialty chemical company ended 4.02 per cent lower on Friday. 

Cement Stocks - In Friday's trading session, cement stocks were seen trading under pressure. The fall comes after the sector-major Ultratech Cement announced a new capital expenditure plan of Rs 12,886 crore to tighten the increased competition in the sector. The capex aims to increase capacity by 22.6 million tonnes per annum (MTPA) through brownfield and greenfield projects. Ultratech Cement dipped 2.5 per cent whereas Dalmia Bharat, JK Cement, The Ramco Cements and Shree Cement also traded lower in the range of 4 per cent to 6 per cent.