Overnight Digest: Stocks likely to be in focus on March 16
On the sectoral front, auto and FMCG indices were the only gainers. The worst performing sector was BSE Metal index which lost its shine and dipped beyond 4 per cent on an intraday basis.
On Tuesday, the equity markets lowered their momentum as new financial and trade sanctions were imposed on Russia coupled with the suspension of gas imports.
The domestic benchmark indices lost the 5-day gaining streak and ended lower. Sensex plunged 700 points and ended 1.26 per cent down at 55,776.85 level and Nifty ended 1.23 per cent down at 16,663 level. In the broader markets, BSE MidCap and BSE SmallCap indices lost 0.68 and 0.88 per cent, respectively outperforming the benchmark indices.
On the sectoral front, auto and FMCG indices were the only gainers. The worst performing sector was BSE Metal index which lost its shine and dipped beyond 4 per cent on an intraday basis. The top losing stocks dragging the metal index were NMDC, Hindalco Industries, Jindal Steel, Tata Steel and Vedanta which declined up to 5.5 per cent. Besides BSE Metal Index, BSE Oil & Gas, BSE IT and BSE Energy indices contracted beyond 2 per cent.
Keep an eye on these stocks for Wednesday's trading session:
Sterlite Technologies - The company has launched the Digital Equalizer and Improved Learning (DEIL) Program in association with the American India Foundation (AIF). This is a first of its kind partnership where a not-for-profit organization and a corporate come together to create impactful life for millions through a unique model that can continue despite social and ecological disruptions. The share has ended 0.72 per cent down at Rs 185.65 per share on Tuesday.
Ruchi Soya Industries - In an otherwise bearish market, shares of this Baba Ramdev-led Patanjali Ayurved company soared 18 per cent to Rs 1,140 on Tuesday gaining as much as 42 per cent in the past two trading sessions after the company announced plans to launch a Rs 4,300-crore follow-on public offering (FPO) in the coming week. The shares closed 13.10 per cent up at Rs 1090.70 on Tuesday.
JK Paper - The stock has hit a new high of Rs 288 on Tuesday gaining as much as 29 per cent in the past one week based on an improved business outlook. The re-opening of offices, educational institutions, and courts shall lead to the normalisation of paper demand are the main drivers for paper stocks. BSE Sensex was up 6 per cent during the last one week and JK paper has outperformed the benchmark index. The stock has crossed its previous high of Rs 284.80 touched on August 9, 2021.
Polyplex Corporation - The stock has zoomed 10 per cent in Tuesday's trading session. The stock was seen trading close to its record high level of Rs 2,150, hit on February 10, 2022. Seeing the past one week, the company's stock has outperformed the market by rising 15 per cent after rating agency India Ratings and Research (Ind-Ra) revised Polyplex Corporation's outlook to 'Positive' from 'Stable' while affirming its long-term issuer rating at 'IND AA-'.