GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Monday. 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 22,114.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 129.95 points or 0.59% to settle at 22,040.70, while the BSE Sensex gained by 376.36 points or 0.52% to 72,426.64.
“Markets extended rebound for the fourth successive session and gained over half a percent. After the gap-up start, Nifty edged gradually higher and managed to reclaim the 22,000 mark. The majority of sectors were aligned to the move wherein auto, realty and pharma were among the top gainers. The market breadth was also inclined towards the advancing side, thanks to continued buying in midcap and smallcap space,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also said, We suggest maintaining a positive yet cautious stance as Nifty is set to retest its record high. Needless to say, we need sustainability above 22,150 to end the consolidation and march towards the 22,500+ zone else profit taking may resume. Traders should keep a close watch on the banking index for cues while others may continue to play a supportive role on a rotational basis. Besides, the performance of the global indices, especially the US, will remain on their radar.
Stocks to Watch on February 19, 2024
One 97 Communication
The Reserve Bank of India has officially confirmed the continued functionality of One 97 Communication’s QR, soundbox, and card machines, assuring seamless operations even after March 15. The company has strategically shifted its nodal account to Axis Bank to maintain uninterrupted merchant settlements.
Bajaj Auto
Bajaj Auto has fixed February 29 as the record date for determining shareholders eligible to participate in the upcoming share buyback.
Life Insurance Corp
Life Insurance Corp announces the launch of a new product, LIC’s Amritbaal, catering to the domestic market. Additionally, the company has received a significant income tax refund amounting to Rs 21,740 crore for the assessment years 2012-13 to 2019-20.
Tata Power
Tata Power has received a letter of intent from REC Power Development and Consultancy, signaling the potential acquisition of Jalpura Khurja Power Transmission for Rs 838 crore.
NHPC and NALCO
NTPC and National Aluminium Co (Nalco) have entered into an initial agreement, paving the way for NTPC to supply over 1,200 MW of round-the-clock power for Nalco’s operations in Odisha.
Harsha Engineers
Harsha Engineers has signed a Memorandum of Understanding (MOU) to transfer 25.9% of its investment in Sunstream Green Energy One to Sunstream Green Energy at a rate of Rs 10 per share.
Fineotex Chemicals
Fineotex Chemicals successfully raised Rs 280 crore through a funding round involving promoters, high net-worth individuals, and foreign institutional investors. The valuation stood at Rs 346 per share, as opposed to the current market price of Rs 438 apiece.
ITI
ITI has signed a Memorandum of Understanding with JandK Operations to manufacture and provide BharOS-enabled digital devices and services.
Bajaj Hindustan Sugar
Bajaj Hindustan Sugar has agreed to acquire a 15.5% stake in Unique One RNG for Rs 1.55 crore, expanding its strategic investments.
