Overnight Digest: Stocks to be watched out for on September 9
On Wednesday, the equity markets wrapped the volatile session on a flat note. Meanwhile, the BSE midcap and smallcap indices outperformed the benchmark indices. Sensex ended 29 points, or 0.05 per cent, down at 58,250.26 level while the Nifty settled 9 points, or 0.05 per cent, lower at 17,353.50 level. On the Sectoral front, the power sector was the highest gaining sector while the Tech sector was the weakest performer.
The following stocks are likely to be on the radar for Thursday.
Telecom Stocks - The telecom stocks have caught investor's attention on Wednesday. The BSE Telecom index has faced selling pressure amid the Cabinet refusing proposal for telecom relief measures. Bharti Airtel hit yet another record high price in the early hours of the trading session on Wednesday, before fading out the returns and closing 0.38 per cent down. Despite the squeeze of 0.51 per cent in the BSE Telecom index, the stocks of Vindhya Telelinks, Tejas Networks, Optiemus Infracom and GTL Infrastructure recorded impressive returns on Wednesday. Watch out for these stocks on Thursday.
Asian Granito India - The stock is likely to be in focus as the company's Rights Issue is scheduled to open on September 23, 2021 and closes on October 7, 2021. The funds raised via this Rights issue will be used to repay/prepay certain outstanding borrowings, meeting working capital requirements for the company’s business activities and for general corporate purposes. The stock has jumped 12.38 per cent on an intraday basis in Wednesday's trading session.
Textile Stocks - Textile stocks are likely to be on a buzz on Thursday as the Cabinet has approved a Production-linked Incentive (PLI) scheme worth Rs 10,683 crore for man-made fibres and technical textiles sectors. Over the next five years, the scheme is expected to generate 7.5 lakh new jobs and lend a helping hand to the Indian producers to switch from cotton textiles to these new products which account for two-thirds of global textile production.
APL Apollo Tubes - The stock has registered a fresh 52-week high price of Rs 1,874.95 per share on Wednesday. On the charts, the stock price has broken the current resistance level and has formed long green candles with a spurt in volumes for 2 consecutive trading sessions. On the other hand, for 6 consecutive trading sessions, the stock is trading above its 20 and 30-day moving averages. It is likely to be on the watch list for Thursday.
Infosys - On Wednesday, the company announced a new strategic partnership with The Economist Group, a leading global media company, designed to enable and accelerate sustainability solutions and drive world-changing impact through a new business-to-business model. The stock has slipped 0.6 per cent in Wednesday's trading session and is likely to be in focus for Thursday.