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 41 points or 0.18% at 22,290 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by just 4.75 points or 0.02% to settle at 22,212.70, while the BSE Sensex dropped only 15.44 points or 0.02% to 73,142.80.
“Ahead of monthly derivative expiry in the coming week, benchmark indices surrendered the early gains after hitting an intra-day fresh high for the fifth straight trading session. Today’s rally was fuelled by the uptrend in global markets which was boosted by record highs in Japanese, US and European markets. Today, Nifty consolidated around all-time highs. However, any dip towards the support zone 22,130 – 22,090 it should be used as a buying opportunity as the overall trend remains positive and this is just a brief pause in the overall up move,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL
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Tapse also said that, in the near term, 22,300 – 22,350 levels on Nifty should act as an immediate hurdle zone while 22,130– 22,090 is the crucial support zone. With corporate earnings season-ending, traders eagerly awaiting new catalysts however rallying on the pre-election momentum. But concerns over rising crude oil prices, surging US bond yields, and stretched valuations linger on the market and is likely to prompt continued selling by FIIs.
Stocks to Watch on February 26, 2024
Kotak Mahindra Bank
Zurich Insurance Company is set to purchase a 70% stake in Kotak Mahindra General Insurance Company through primary and secondary acquisitions, in a single tranche, for a total value of Rs 5,560 crore.
Housing and Urban Development
The Indian government aims to achieve a 25% minimum public shareholding in Housing and Urban Development by selling up to 0.17% of its stake over the next 12 months. The current equity held by the government stands at 75.17%.
Zee Entertainment
Zee Entertainment Enterprises has established an independent advisory committee to investigate and address allegations of widespread misinformation, market rumors, and speculation surrounding the company.
HDFC Bank
HDFC Bank has obtained approval from the Reserve Bank of India (RBI) to divest a 90% stake in HDFC Credila, its education loan subsidiary. The stake will be sold to a consortium of private equity firms, including BPEA, EQT, and ChrysCapital group.
Union Bank of India
Union Bank of India has approved Rs 135.65 per share as the issue price for its Qualified Institutional Placement (QIP), which has been fully subscribed.
Paytm
The Reserve Bank of India has directed the National Payments Corporation of India to explore the possibility of migrating Paytm Payments Bank customers using the UPI handle ‘@paytm’ to 4-5 other banks to ensure stability in the payment ecosystem.
JSW Infra
JSW Infra has received a letter of award from V.O. Chidambaranar Port Authority for handling dry bulk cargo at V.O. Chidambaranar Port through a design, build, finance, operate, and transfer (DBFOT) basis under a public-private partnership (PPP).
Biocon
Biocon has issued a corporate guarantee of $20 million on behalf of its wholly-owned subsidiary, Biocon Generics Inc., in favor of Mizuho Bank Ltd, securing a term loan facility for a period of five years.
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Ashok Leyland
Ashok Leyland has strengthened its automotive business by acquiring a 49.9% stake in TVS Trucks for Rs 24.95 crore.
Skipper
Skipper has bagged a new order worth ₹737 crore from Power Grid Corporation of India for the design, supply, and construction of a new 765 kV transmission line project.
Shakti Pumps
Shakti Pumps has received a third work order under the KUSUM-3 scheme from Haryana Renewable Energy Department for 2,443 pumps, with a total worth of ₹84.3 crore.
Infibeam Avenues
Infibeam Avenues has expanded its global presence by acquiring a 20% strategic stake in XDuce, a US-based application and AI development company, for $10 million.
Bharti Airtel
Bharti Airtel has strengthened its retail presence in Agartala, Hyderabad, Jalandhar, Chandigarh, and Vizag.
