Overnight Digest: Stocks likely to be in focus on March 17
On Wednesday, Ultratech Cement was the top Nifty gainer followed by Axis Bank, Shree Cement, IndusInd Bank, Bajaj Auto, Hindalco, Infosys, Britannia Industries, IOC, Grasim Ind, and Tata Motors
On Wednesday, the benchmark indices ended higher with Nifty closing above the 16900 mark led by buying seen across the sectors. The equity markets are eyeing the outcome of the FED meeting as the current geopolitical developments are creating further inflationary pressure in the global market and it is crucial to take into account the view of central banks.
At close, Sensex cheered being 1,039.80 points or 1.86 per cent up at 56,816.65 level whereas Nifty zoomed 312.30 points or 1.87 per cent to 16,975.30 level. In the broader markets, BSE Midcap and Smallcap indices gained over 1 per cent each.
All the sectoral indices ended higher with IT, oil & gas, metal and realty indices rose 2-3 per cent while auto, bank, capital goods, FMCG, and power indices were 1 per cent up each.
Keep an eye on these stocks for Thursday's trading session:
Hindustan Aeronautics - The company announced that it has entered into an MOU on a non-exclusive basis with Safran Helicopter Engines SAS, France for finding the feasibility of potential cooperation with respect to business opportunities, which does not constitute any obligation on the part of either party to enter into any Definitive Agreement or make any financial commitments. The stock soared up to 6.55 per cent in Wednesday's trading session and closed at Rs 1,465.95 on BSE.
Tata Communications - Formula 1 and Tata Communications announced a multi-year strategic collaboration, with Tata Communications returning to the sport as the Official Broadcast Connectivity Provider of Formula 1, to deliver and enhance a world-class, technologically advanced experience for fans globally. The share has closed 4.13 per cent higher on Wednesday.
Tata Consultancy Services - Tata Consultancy Services (TCS) BaNCS has been selected by Singapore Exchange (SGX) to power the NSE IFSCSGX Connect (Gift Connect), its program to connect to NSE IFSC, a fully owned subsidiary of the National Stock Exchange of India (NSE), for trade execution and clearing of Nifty products on behalf of its members in Singapore and globally. The share traded flat on Wednesday and ended 1.77 per cent up on BSE.
Zomato - In an otherwise bullish market, the shares of this food delivery company hit a new low of Rs 75.55 on news that the company and online grocery firm Blinkit (formerly Grofers) are in talks for a merger deal. The stock hit below its previous low of Rs 75.75 which was seen on February 15, 2022. On Wednesday, the stock closed 0.85 per cent down on BSE.
Cement Stocks - The shares of cement companies were seen gaining up to 20 per cent, rebounding from the previous week's lows on the back of lowering crude oil prices. The major cement stocks like UltraTech Cement, Ambuja Cements, ACC, Dalmia Bharat, India Cements, Ramco Cement and Shree Cement gained in the range of 2 per cent to 3 per cent during Wednesday's trading session. Meanwhile, Sagar Cements, soared 20 per cent while JK Cements, Orient Cement and Sanghi Industries added 4 to 6 per cent.