GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 40 points or 0.16% at 24,450 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by 112.65 points or 0.46% to settle at 24,433.20 while the BSE Sensex gains 391.26 points or 0.49% to 80,351.64.
“Both domestic and global factors continue to drive the market momentum. Currently, consumption sectors like FMCG and auto are leading the gains, buoyed by progress in the monsoon and kharif sowing. Investors are eagerly awaiting the first-quarter earnings results, which will guide market direction,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC
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Nair also The IT sector, with optimistic revenue growth expectations, is expected to positively kickstart the season. Additionally, continuous positive FII inflow contributes to the prevailing positive sentiment.
Stocks to Watch on July 10, 2024
Wipro
The IT major has resolved a lawsuit filed by Wipro Ltd against its former chief financial officer, Jatin Dalal. According to a US SEC filing dated July 2, 2024, Cognizant’s board of directors approved a payment of $505,087 to cover the settlement and legal fees related to the dispute.
ONGC
The state-owned firm has announced plans to invest approximately Rs 2 lakh crore to establish renewable energy sites and green hydrogen plants, aiming to achieve its net-zero carbon emission goal by 2038. As part of this initiative, the company will invest Rs 97,000 crore by 2030 to develop 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plants, and offshore wind projects.
RVNL
The state-owned firm has emerged as the lowest bidder for a project valued at ₹202.87 crore from the South Eastern Railway. The project entails the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts, and sub-sectioning posts in a 2x25KV system on the Kharagpur-Bhadrak section of the Kharagpur division.
Reliance Industries
The company has introduced the JioTag Air, the successor to last year’s JioTag. This new asset tracker is designed to help users locate and track valuables such as keys, ID cards, wallets, purses, luggage, and even pets.
Mahindra & Mahindra
On Tuesday, the company announced a special celebratory ex-showroom price for the AX7 range, available for four months. This pricing aligns with the upcoming three-year anniversary of the XUV700 in the market. Additionally, the SUV recently reached a milestone with the production of 200,000 units in less than three years.
Delta Corp
An online gaming firm reported a 68.04% year-on-year decline in net profit, amounting to Rs 21.7 crore for the first quarter ending June 30, 2024. This is a significant drop from the Rs 67.9 crore net profit posted in the same period last year. Additionally, the company’s revenue from operations fell by 30.3% to Rs 180.7 crore, compared to Rs 259.3 crore in the corresponding period of the previous fiscal year.
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Delhivery
The Canada Pension Plan Investment Board is expected to sell its entire 3.18% stake in a logistics firm through block deals. The block issue is valued at Rs 886 crore, with an offer price range set between Rs 378 to Rs 389 per share, representing a discount of 0.7% to 3.5% compared to the current market price (CMP).
Infosys
An IT company has announced a strategic five-year collaboration with Sector Alarm to transform its core enterprise business systems to the cloud. Infosys will work closely with Sector Alarm to migrate its disparate, on-premises Enterprise Resource Planning platform onto Microsoft Dynamics 365 Finance and Operations (F&O).
Bansal Wire Industries
Bansal Wire Industries is set for a strong debut on July 10 following robust demand from market participants across all categories. Priced at Rs 256 per share, the stock is anticipated to list at a premium of around 30%, potentially opening at approximately Rs 330-340 per share.
Emcure Pharma
Emcure Pharmaceuticals is expected to make a strong stock market debut on July 10, according to trends observed in the grey market. The stock is commanding a premium of Rs 340 in the grey market, indicating potential gains of approximately 33.73%.