Overnight Digest: Stocks likely to be in focus on October 12
Watch out for these stocks for Wednesday's trading session.
The domestic markets were attacked by bears with Nifty 50 closing the last trading session more than 250 points down at 16,983.55 in the red territory whereas Sensex tumbling up to 900 points, down 1.46 per cent at 57,147.32 level.
Divis Labs, IndusInd Bank, Nestle India, JSW Steel and Eicher Motors were among the top Nifty losers. Axis Bank, Adani Enterprises and Asian Paints were the Top Gainers.
Auto, metal, IT, oil & gas and realty indices slipped between 1 and 3 per cent, being hit the most among the other sectoral indices. In the broader markets, the BSE midcap and smallcap index fell over 1 per cent each.
Watch out for these stocks for Wednesday's trading session:
Power Grid Corporation of India - The shares of Power Grid Corporation of India quite volatile and ended lower in today’s trading session. The company has acquired ER NER Transmission Limited (ETL), pursuant to emerging as the successful bidder, under tariff-based competitive bidding. ETL is engaged in the same business as that of Power Grid i.e. transmission of power.
India Cements - The shares of India Cements plunged up to 10 per cent during Tuesday's trading session. The company announced that it has sold its entire shareholding in Springway Mining to JSW Cement. It has entered into a share purchase agreement with JSW Cement and divested the entire shareholdings for Rs 476.87 crore. With this, Springway Mining ceased to be the wholly-owned subsidiary of the company.
Sugar stocks - The shares of sugar companies gained a sweet spot today, jumping up to 13 per cent on an intraday basis in an otherwise weak market. The expectation of stable operational performance in the future infused optimistic sentiments within the sugar stocks. Ugar Sugar Works soared 13 per cent to Rs 75.35 while Shree Renuka Sugars, Avadh Sugar & Energy, Uttam Sugar, Dalmia Bharat Sugar, Dhampur Sugar, Triveni Engineering, Dwarikesh Sugar, and Balrampur Chini Mills gained in the range of 2 per cent to 5 per cent.
Suzlon Energy - Suzlon Energy Ltd is planning of divesting its non-core assets after the scheduled rights issue. The rights issue of the wind turbine maker worth Rs 1,200 crore, which suffered the sudden loss of its Founder-Chairman Tulsi Tanti on October 1, opened on October 11 and is set to close on October 20. The shares of Suzlon Energy tanked almost 6.93 per cent during Tuesday's trading session and are likely to be in focus on Wednesday.