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.
GIFT Nifty ended up by 53.50 points or 0.22% at 24,322 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday the NSE Nifty 50 ended down by 284.70 points or 1.16% to settle at 24,199.35 while the BSE Sensex plunged 836.35 points or 1.04% to 79,541.79.
“The markets traded under pressure, losing over a percent, as they resumed their corrective trend after two days of gains. Despite a strong overnight performance in U.S. markets following Donald Trump’s presidential win, Nifty maintained a bearish tone, dipping early and holding that sentiment throughout the session. All major sectors aligned with the benchmark, with metals, pharma, and energy stocks leading the decline. Broader indices struggled to hold higher levels, ending down by nearly half a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
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Mishra also added that the With the focus now on the U.S. Fed post-election, markets are expected to react to the outcome of the FOMC meeting and the Fed Chair’s commentary in early trades. On the index front, Nifty was unable to breach the 24,500 resistance once again, suggesting that consolidation may continue, with key support at 24,000. Traders are advised to maintain a stock-specific approach and consider hedged positions
Stocks to Watch on November 8, 2024
Cochin Shipyard
State-owned company reported a 4% year-on-year increase in net profit for Q2 FY2024, reaching Rs 189 crore compared to Rs 182 crore in the same quarter last year, according to a regulatory filing. Revenue from operations grew by 13% to Rs 1,143.2 crore, up from Rs 1,011.7 crore in the previous fiscal’s corresponding period, highlighting the company’s steady growth in operational performance.
Lupin
The pharma majotr reported a strong performance for its Q2 on a year-on-year basis, with consolidated profit surging by 74.1% to Rs 852.6 crore compared to Rs 489.7 crore in the same quarter last year. The pharmaceutical giant also posted a 12.6% increase in revenue, which rose to Rs 5,672.7 crore from Rs 5,038.6 crore.
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