GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Wednesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended unchanged at 24,450 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by 127.70 points or 0.52% to settle at 24,466.85 while the BSE Sensex jumped 363.99 points or 0.45% to 80,369.03.
“Markets moved higher in a volatile session, ending with nearly half a percent gain amid mixed signals. The Nifty started on a negative note, but resilience in select heavyweights, particularly in the banking sector, spurred a steady rebound as the session advanced. By the close, it settled near the day’s high at 24,466.85, up 0.5%. In addition to banking, the realty and metal sectors also saw gains, while auto and pharma remained under pressure. Broader indices extended gains for the second consecutive session, each adding nearly a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
Also ReadSamvat 2081: SBI, ITC, Titan, Jyothy Labs among Religare’s top stock picks for Diwali 2024
Mishra also added that the buoyancy in certain heavyweights is supporting this recovery; however, resistance at the 24,500 level on the Nifty remains a challenge. Beyond tracking FII flows, we recommend closely observing the performance of major banking and IT stocks for further guidance. Meanwhile, traders should maintain a stock-specific approach with a strong focus on risk management.
Stocks to Watch on October 30, 2024
Maruti Suzuki
Maruti Suzuki India (MSIL) reported a 17% decline in standalone net profit for the September quarter, posting Rs 3,069 crore, down from Rs 3,716.5 crore in the same period last year.
Revenue from operations during the quarter stood at Rs 37,203 crore, reflecting a marginal increase of 0.37% from Rs 37,062 crore in the corresponding quarter of the previous year. The revenue figure also missed Street estimates, which had projected Rs 37,322 crore.
Marico
The FMCG major posted a 20.3% increase in consolidated net profit, reaching Rs 433 crore for the quarter ending September 2024, up from ₹360 crore in the same period last year, according to its Tuesday exchange filing.
Total income rose to Rs 2,746 crore during the quarter,
» Read More
