GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 71 points or 0.32% at 22,338 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 162.40 points or 0.74% to settle at 22,217.45, while the BSE Sensex jumped 535.15 points or 0.74% to 73,158.24.
“Markets oscillated sharply on both sides and finally ended the session with a gain of nearly a percent. After the flat start, Nifty drifted lower in continuation to Wednesday’s decline and tested the support zone of short term moving average i.e. 20 DEMA. However, the tone changed completely in the latter half, with a sharp recovery in the heavyweights across sectors. Consequently, Nifty not only pared losses but also made a new record high. IT, auto and metal were among the top gainers on the sectoral front while banking ended almost unchanged. The broader indices also witnessed respite and gained in the range of 0.7%-1.06%,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Zomato, Bajaj Auto, IndusInd Bank, Poly Medicure, HCL Tech, Saraswati Saree Depot Stocks To Watch: Reliance Industries, Aurobindo Pharma, ONGC, Bajaj Consumer, Bank of Baroda Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL
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Mishra also said that the move shows that bulls are in control thus participants should continue with a “buy on dips” approach until Nifty decisively breaks the 21,800 level. At the same time, we are seeing a mixed trend within the sectors so participants should maintain extra caution in stock selection and prefer counters with higher relative strength.
Stocks to Watch on February 23, 2024
Vodafone Idea
The board of Vodafone Idea is set to convene on February 27 to deliberate on fundraising proposals, as revealed by the company. KM Birla, emphasizing the Aditya Birla Group’s commitment, affirmed the absence of plans to exit the business while expressing openness to new investors.
Power Finance Corporation
Power Finance Corporation’s board is scheduled to meet on February 29 to explore avenues for raising resources. The company contemplates the issuance of bonds, term loans, and commercial paper from both domestic and international markets.
Bank of Baroda
Bank of Baroda successfully raised Rs 2,500 crore through Tier II bonds, yielding a 5.57% coupon rate.
Oil India
Oil India has inked a Memorandum of Understanding (MoU) with The Fertilisers and Chemicals Travancore Limited (FACT) to delve into opportunities in the realm of Green Hydrogen. The collaboration aims to explore Green Ammonia, Green Methanol, and other derivatives.
Bajaj Auto
Bajaj Auto has invested Rs 45.75 crore in Yulu Bikes on February 22, 2024, fortifying its presence in the two-wheeler market.
Concord Biotech
Concord Biotech, backed by Rare Enterprises, has achieved the coveted Good Manufacturing Practices (GMP) certification following a successful inspection by the Ministry of Health Pharmacy and Poisons Board of the Republic of Kenya.
IRCTC
IRCTC has entered into a collaboration with Bundl Technologies Pvt. Ltd. (Swiggy Foods) for the supply and delivery of pre-ordered meals through the IRCTC e-catering portal. The initial phase will be implemented as a Proof of Concept (PoC) at four major railway stations.
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IRB Infrastructure
IRB Infrastructure Developers’ board of directors has approved a fundraise of up to $550 million through foreign currency bonds. The issuance will occur via public or private placement to eligible investors.
Angel One
Angel One, a prominent brokerage house, has decided to raise approximately Rs 2,000 crore through preferential issues, Qualified Institutional Placements (QIP), or other modes. The funds aim to enhance financial flexibility and seize emerging opportunities in both broking and fintech.
ION Exchange
The National Company Law Tribunal (NCLT) in Mumbai has granted approval for the scheme of amalgamation involving Global Composites and Structurals and Ion Exchange Environment Management with Ion Exchange (India).
Bharat Forge
Auto components major Bharat Forge has announced a strategic infusion of €15 million (approximately ₹133.58 crore) into Bharat Forge Global Holding GmbH (BFGH). This investment is designated for subsequent funding of Bharat Forge Aluminiumtechnik GmbH (BFAT), a significant subsidiary in Germany.
Bandhan Bank
Rajeev Mantri has been appointed as the Chief Financial Officer (CFO) of Bandhan Bank, leading to the cessation of Abhijit Ghosh as the interim CFO.