GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Thursday i.e. when the Interim Budget 2024 will be announced. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 2 points or 0.01% at 21,789 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 203.60 points or 0.95% to settle at 21,725.70, while the BSE Sensex surged by 612.21 points or 0.86% to 71,752.11.
“The Nifty has formed a Piercing Line pattern on the daily chart, following a dark cloud cover in the preceding trading session. This consecutive complete reversal pattern indicates a highly volatile market sentiment. The trend may continue to be volatile on Thursday, especially as the interim budget will be delivered. Support on the lower end is situated at 21500, while a decisive move above 21750 might trigger a rally towards 22100 and beyond,” said Rupak De, Senior Technical Analyst, LKP Securities.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: SBI, Infosys, Titan, Britannia, Divis Lab, Ambuja Cements, JK Tyre
Stocks to Watch on February 1, 2024
Paytm
The Reserve Bank of India has imposed further restrictions on Paytm Payments Bank, effective from March 1. No additional deposits or credit transactions will be permitted in customer accounts after February 29. The bank is limited to providing only withdrawal services or utilization of existing balances.
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Jefferies maintains a ‘Buy’ rating on L&T and foresees 14% upside, anticipates substantial growth
UltraTech Cement
Moody’s Investors Service Inc. has affirmed UltraTech Cement’s ‘Baa3’ issuer rating and ‘Baa3’ senior unsecured rating. The decision is based on the company’s solid balance sheet and substantially strong credit metrics.
Infosys
IT major Infosys has entered into a seven-year strategic collaboration with Musgrave to automate the latter’s IT operations. The partnership will leverage Infosys’ industry-leading AI and cloud offerings.
Paras Defence and Space Technologies
Paras Defence and Space Technologies have been awarded a contract by the Ministry of Defense for optical periscopes.
Deepak Nitrite
Deepak Nitrite’s unit, Deepak Chem Tech, has signed a Memorandum of Understanding (MoU) worth Rs 9,000 crore with the Gujarat government.
Havells India
Havells India has introduced its first ‘Made in India’ heat pump water heater, catering to the residential application market.
Kaynes Technologies
Nanotech company Digi Lens has announced a partnership with Kaynes Technologies for scaling waveguide manufacturing.
Gujarat Gas
Gujarat Gas has signed a Memorandum of Understanding (MoU) with HPCL for the development of facilities related to liquid fuels and CNG.
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Axis Securities highlights five key sectors that may benefit from this interim budget 2024
HG Infra Engineering
HG Infra Engineering has been declared the L-1 bidder for the Rs 440 crore South Central Railway project.
Triveni Engineering
Triveni Engineering is set to acquire a 26% stake in Sir Shadi Lal Enterprises through an open offer, at Rs 262.1 per share.
Lux Industries
Lux Industries has successfully completed its project, establishing a manufacturing and warehousing facility in Jagadishpur, West Bengal, Kolkata, and commenced commercial operations.
Key Earnings in Focus Today
Aavas Financiers, Abbott India, Aditya Birla Capital, Adani Enterprises, Adani Ports and Special Economic Zone, Aether Industries, Aptus Value Housing Finance India, Avalon Technologies, Bata India, Bayer Cropscience, Castrol India, City Union Bank, Deepak Fertilisers & Petrochemicals Corporation, Five-Star Business Finance, GMM PFaudler, Godrej Agrovet, Gokaldas Exports, Goodluck India, Greenply
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