GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 81.50 points or 0.37% at 22,032 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 172.85 points or 0.79% to settle at 22,011.95, while the BSE gained 539.50 points or 0.75% to 72,641.19.
“Domestic market is taking cues from the global market infusing optimism as the Federal Reserve signalled to remain on track for three interest rate cuts this year despite inflation staying above long-term target,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that, The broader market outperformed the frontline index also taking advantage from the HSBC composite PMI data, which rose to 61.3 percent in March as compared to 60.6 in February, indicating that the economic condition is supportive. Short-term traders are taking advantage of the oversold territory from the recent sell-off.
Stocks to Watch on March 22, 2024
LIC
The insurance giant LIC has increased its shareholding in LTIMindtree, moving from 14,804,362 to 14,906,665 equity shares, thereby raising its stake from 4.99 percent to 5.03 percent.
Muthoot Finance
Muthoot Finance has acquired an additional 4.48 percent stake in Belstar Microfinance, investing Rs 300 crore and bringing its total shareholding to 63.50 percent.
Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders has accepted the Mumbai Port Authority’s offer for the allotment of land and building, encompassing Workshop land and Clark Basin, measuring 14.55 acres. The total cost of this allotment stands at around Rs 354 crore.
Bharat Dynamics
Bharat Dynamics has approved the appointment of G Gayatri Prasad as its Chief Financial Officer. Additionally, the company has decided to split each share into two.
Reliance Power
Reliance Power has successfully settled its entire obligations pertaining to borrowings from DBS Bank India. Consequently, the assets of its 45 MW wind power project are now free from encumbrance.
Wipro
Wipro has incorporated a new entity named ‘SDVerse’ in collaboration with General Motors and Magna International.
Jindal Saw
The National Company Law Tribunal (NCLT) has greenlit the scheme of amalgamation among Jindal Quality Tubular, Jindal Tubular (India), Jindal Fittings, and Jindal Saw.
Tata Communications
The board of Tata Communications has approved an agreement to hive-off its new edged digital services business to a unit for Rs 458 crore.
Bank of India
The board of Bank of India is set to convene on March 27 to deliberate on a proposal for fundraising through the issuance of long-term (infra) bonds.
Crompton Greaves
Crompton Greaves Consumer Electricals has received a notice from the income tax department for a tax demand of Rs 68 crore for the assessment year 2023.
Just Dial
Just Dial has received Rs 38.36 crore from the Karnataka High Court following the cancellation of land allotment in Bengaluru Urban District.
Dhanuka Agritech
Dhanuka Agritech has inked a memorandum of understanding with the Indian Council of Agricultural Research for scientific and technical cooperation.