Overnight Digest: Stocks likely to be in focus on March 9
Sensex ended the trading session 1.10 per cent higher at 53,424.09 levels, whereas Nifty settled 0.95 per cent higher at 16,013.45 levels.
On Tuesday, investors globally remained cautious and on a backfoot tracking news flow on the war of Russia-Ukraine. Indian equity benchmarks Sensex and Nifty played between gains and losses in a rough session as gains in IT and pharma stocks were countervailed by losses in financial, auto and metal shares.
Sensex ended the trading session 1.10 per cent higher at 53,424.09 levels, whereas Nifty settled 0.95 per cent higher at 16,013.45 levels. In the broader markets, BSE Midcap index ended 1.46 per cent higher whereas BSE Smallcap index ended 1.33 per cent up.
On the sectoral front, IT and Realty indices were at the forefront gaining 2.44 and 3.19 per cent, respectively. BSE Metal index was the biggest loser dipping 1.94 per cent in Tuesday's trading session.
Keep an eye on these stocks for Wednesday's trading session:
Ashok Leyland - On Tuesday, the shares of Ashok Leyland touched a 15-month low of Rs 93.20, dropping 6 per cent on margin concerns due to rising raw material costs. The stock of this vehicle maker hit its lowest level since December 2020. In the past one week, the market price of Ashok Leyland has slipped 22 per cent in comparison to a 6 per cent fall in the BSE Sensex. The stock traded quite is trading decently below its 50 DEMA and the RSI, as well as MACD indicators, are indicating bearish trends.
Natco Pharma - The shares of this company rallied 9 per cent on Tuesday after the company launched its first generic version of Revlimid (Lenalidomide capsules) in 5 mg, 10 mg, 15 mg, and 25 mg strengths in the US market. Natco, along with marketing partner Teva, has launched these strengths of lenalidomide. The above strengths of lenalidomide capsules are prescribed in adults for the treatment of multiple myeloma in combination with the medicine dexamethasone, certain myelodysplastic syndromes, and mantle cell lymphoma following specific prior treatment. The stock has closed flat at Rs 848.2 per share, 0.3 per cent higher.
Adani Ports and Special Economic Zone and Indian Oil Corporation- The company has signed an agreement with Indian Oil Corp Ltd (IOCL) wherein IOCL will be adding 9 more crude oil tanks in the APSEZ. This is in addition to the 12 tanks currently present in the SEZ which have a total capacity of 720,000 KL. The addition of new tanks will augment the storage capacity to 1,260,000 KL. This will support IOCL’s expansion of its Panipat Refinery (Haryana). IOCL is raising the capacity at its Panipat Refinery by 66 per cent to 25 MMPTA to meet India’s rapidly growing energy requirements.
Power Grid Corporation of India - The company's share price hit a record high of Rs 223.35, gaining 5 per cent on the back of heavy volumes. The stock of this electric utility company crossed its previous high of Rs 220.85 touched on January 27, 2022. Since a couple of previous trading sessions, the stock is trading above its 50 DEMA and is likely to be in focus for upcoming trading sessions.