Overnight Digest: Stocks to be watched on June 14

Bajaj Finserv, Bajaj Finance, Tech Mahindra, IndusInd Bank, and Hindalco Industries were among the top Nifty losers while gainers included Nestle India & Bajaj Auto.

The markets crashed with full force at the beginning of the week while the key equity indices fell below their crucial levels, experiencing heavy selling pressure. The global markets corrected due to worries over upcoming policy rate hikes and cuts to the central bank’s balance sheet.  

At the close, Sensex was down by 1,456.74 points or 2.68 per cent at the 52,846.70 level, and Nifty plunged 427.40 points or 2.64 per cent at the 15,774.40 level. Bajaj Finserv, Bajaj Finance, Tech Mahindra, IndusInd Bank, and Hindalco Industries were among the top Nifty losers while gainers included Nestle India & Bajaj Auto.

Sectorally, all indices ended in red with the most-hit indices being the bank, capital goods, auto, metal, IT, realty, PSU bank, and oil & gas indices, falling between 2 per cent and 4 per cent. In the broader markets, BSE Midcap lost 2.7 per cent whereas BSE Smallcap index shed 3 per cent. 

Keep an eye on the following stocks for Tuesday's trading session: 

Crompton Greaves Consumer Electricals - The board of Crompton Greaves Consumer Electricals approved the buyback of rated, listed commercial paper aggregating to an amount of up to Rs 600 crore and to raise long-term funds by way of issuance of secured, rated, listed, redeemable, non-convertible debentures on private placement basis up to Rs 925 crore, subject to the borrowing limits of the company as approved by the shareholders. The share closed 3.99 per cent lower on Monday.  

AU Small Finance Bank - The board of directors of AU Small Finance Bank approved the allotment of 31,50,93,233 equity shares of Rs 10 each as fully paid-up bonus equity shares on June 12, 2022, in the ratio of one equity share of Rs 10 each for every one equity share of Rs 10 each held, to the eligible members whose name appear in the list of beneficial owners as on June 10, 2022, being the record date fixed for this purpose. The stock outperformed during Monday's trading session, closing 2.42 per cent down as against a 3.12 per cent dip in BSE Bankex. 

GR Infraprojects - The share of G R Infraprojects sank 10 per cent and hit an all-time low of Rs 1,230 after reports said that the Central Bureau of Investigation (CBI) conducted searches at several locations of the company in Shillong, Guwahati, Gurgaon, and Bengaluru. The stock traded below its previous low of Rs 1,249.70 hit on March 7, 2022. As per the reports, raids were conducted in connection with alleged irregularities in a national road highway project in Assam. It closed 9.45 per cent lower on Monday.  

IT stocks - The IT stocks traded under pressure on Monday with Nifty IT index rattling over 4 per cent. From the individual stocks' perspective, Tata Consultancy Services (TCS), Infosys, Mindtree, Larsen & Toubro Infotech (LTI), L&T Technology Services (LTTS), Tech Mahindra & Coforge declined between 5 per cent and 6 per cent on NSE during Monday's trading session. On May 25, 2022, the IT index hit its 52-week low level of 27,423.80 whereas it has currently corrected 29 per cent from its 52-week high level of 39,446.