Overnight Digest: Stocks to keep an eye on March 11
HUL, Tata Steel, Grasim Industries, JSW Steel and SBI were among the top Nifty gainers. On the other hand, Coal India, Tech Mahindra, Dr Reddy's Labs, ONGC and TCS were the biggest losers.
On Thursday, the domestic benchmark indices ended higher for a third straight day as the Bharatiya Janata Party (BJP) was on the verge to win four of the five key state elections. A rally was seen across the markets with FMCG, public sector banks, and realty sectors shining on the front.
At the BSE Sensex dropped 778 points from the day's high of 56,242 level and settled 817 points or 1.5 per cent, higher at 55,464 level. On the other hand, Nifty50, closed at 16,595 levels, up 249 points or 1.5 per cent.BSE Smallcap and Midcap indices rose 1 per cent each.
All the sectoral indices settled on a positive note with auto, metal, FMCG, power, capital goods, PSU Bank and realty indices gaining 1-2 per cent.
Keep a watch on these stocks for Friday's trading session:
Exide Industries - The company has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co Ltd (SVOLT). SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialise necessary technology and know-how owned by them for lithium-ion cell manufacturing in India. Additionally, SVOLT will also provide the support required for setting up a state-of-the-art greenfield manufacturing plant on a turnkey basis. The stock has closed 2.13 per cent higher in Thursday's trading session.
Finance Stocks - The shares of financial companies including banks, non-banking finance companies (NBFCs) and housing finance companies (HFCs) were seen rallying in Thursday's trading session continuing the gains of their past two sessions on value buying. Axis Bank, Cholamandalam Investment and Finance Company, Bajaj Finserv, State Bank of India (SBI) and Mahindra & Mahindra Financial Services zoomed 5 per cent to 6 per cent. Bajaj Finance, ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Housing Development Finance Corporation (HDFC) were up in the range of 3 per cent to 4 per cent during the trading session.
Coforge - The shares of this IT consulting and software company contracted 6 per cent to Rs 4,260 in Thursday's intraday trade after 10 per cent of the total equity of the company changed hands on the BSE. In the past three months, the stock has underperformed the market by dropping 19 per cent, in comparison to a 5 per cent decline on the BSE Sensex. Technically, RSI, as well as MACD indicators, are giving bearish signs for this stock. Keep this stock on your watchlist for upcoming trading sessions.
Tech Mahindra - In a bid to focus on responsible business growth that can help shape a better and sustainable future, Tech Mahindra, will host Tech in Sustainability ‘Ideathon Laps’, as a part of the ongoing Mahindra Racing partnership. The ideathon laps will crowdsource innovative solutions for a better and sustainable future and will be held across multiple race cities including Riyadh, Mexico City, Berlin, Jakarta, Vancouver, New York, and London. The stock has closed 1.46 per cent lower in Thursday's trading session.