GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 105.50 points or 0.42% at 24,948 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 11.65 points or 0.05% to settle at 24,823.15. while the BSE Sensex jumped 33.02 points or 0.04% to 81,086.21.
“The Indian market continued its recovery rally last week, buoyed by positive US economic data, which diminished the likelihood of a US recession. Moreover, positive global sentiment from ceasefire talks between Israel and Hamas, along with a decline in crude prices, contributed to the rally. However, inflationary pressure in Japan and the appreciation of the Yen tempered the market’s gains at the end,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that IT stocks, which are reliant on the US market, ended marginally flat due to profit booking post the initial rally. PSU banks fully recovered losses from the last week, while mid- and small-cap indices outperformed the broader market. The market is now awaiting the FOMC meeting minutes and the Fed Chair’s speech to have a confirmation on the rate cuts. A rate cut of up to 25 bps in September is anticipated; if confirmed, will be taken positively by the market in the short-term. Further trend will depend on the optimistic view of the central banks that the accommodative policy will be sustained, guiding further cuts in the coming policies.
Stocks to Watch on August 26, 2024
Trent and BEL
The National Stock Exchange (NSE) has announced a significant reorganization of its Nifty equity indices. Effective September 30, Bharat Electronics and Trent will be included in the prestigious Nifty 50 index. As part of this reshuffle, Divi’s Laboratories and LTIMindtree will be excluded from the index.
Ambuja Cement
GQG Partners has increased its stake in the company to 2.5% after acquiring an additional 1.1% through block deals valued at Rs 1,679 crore. The shares were purchased at a price of Rs 625.5 per share.
Hero MotoCorp
Hero Motors, the flagship auto components company of the Hero Group, has filed its IPO papers with SEBI, aiming to raise up to Rs 900 crore through the public issue.
ONGC
ONGC has commenced production from its fifth oil well in the KG-DWN-98/2 Cluster-2 asset, marking a significant milestone in its operations. In addition, the company has successfully commissioned its gas export line, connecting the offshore site to the onshore terminal.
Transport Corporation of India
The board has approved a proposal to buy back up to 13.33 lakh shares at a price of Rs 1,200 per share, representing a 4.5% premium to Friday’s closing price. The record date for the buyback has been set for September 4.
Alembic Pharma
The company has received approval from the US Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Betamethasone Valerate foam, 0.12%. This product is therapeutically equivalent to the reference listed drug, Luxiq foam, 0.12%, from Norvium Bioscience, LLC. Betamethasone Valerate foam is used to treat scalp skin conditions, providing a new treatment option for patients.
KEC International
The company has secured orders worth Rs 1,079 crore across its transmission & distribution and cables businesses. These orders include projects from a reputed private developer in India, transmission line orders in Saudi Arabia, Oman, and the United Arab Emirates, as well as the supply of towers, hardware, and poles in the Americas. With these new contracts, the company’s Year-to-Date order intake has now exceeded Rs 8,700 crore, reflecting strong momentum in its business operations.
IDFC First Bank
The company has received an income tax refund totaling Rs 202.55 crore for the Assessment Year 2023-24. This amount includes a tax refund of Rs 189.25 crore and an interest component of Rs 13.30 crore.
Ashoka Buildcon
The company has emerged as the lowest bidder for a ₹478 crore project awarded by the Mumbai Metropolitan Region Development Authority (MMRDA). The project entails the design and construction of an elevated road from Kalyan-Murbad Road to Badlapur Road to Pune Link Road. This road will run parallel to the Waldhuni River, crossing over the Karjat-Kasara railway line, and will include the construction of a slip road.
Interarch Building Products
The Rs 600-crore initial public offering (IPO) of Interarch Building Products is set to debut on the stock exchanges on Monday, August 26.