GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended down by 73.50 points or 0.30% at 24,317 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday’s Muhurat trading session, the NSE Nifty 50 ended up by 99 points or 0.41% to settle at 24,304.35 while the BSE Sensex jumped 335.05 points or 0.42% to 79,724.12.
“Markets traded under pressure on monthly expiry day, slipping nearly half a percent. Early weakness in IT majors weighed on sentiment, with other sectors joining the decline later in the session. However, resilience in select heavyweight stocks helped limit the overall losses. Nifty ultimately closed at 24,205, down 0.56%. Most sectors saw losses, with IT and FMCG leading the decline. Broader indices showed mixed performance, as midcaps edged lower while smallcaps gained over a percent,” said Ajit Mishra – SVP, Research, Religare Broking.
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Mishra also added that the IT had previously shown resilience, holding hope for a recovery, today’s decline in major IT stocks has dampened the outlook for a strong rebound. Current indications point to a possible retest of the prior swing low near the 24,000 level. Despite the negativity in the benchmark indices, there are notable opportunities on both sides in certain sectors. Traders should adjust their strategies accordingly, emphasizing risk management.
Stocks to Watch on November 4, 2024
Hero MotoCorp
The company reported an 18.1% year-over-year increase in total sales for October, reaching 6.79 lakh units, up from 5.74 lakh units in the same month last year. Domestic sales saw a 17.4% jump, with 6.57 lakh units sold compared to 5.59 lakh units previously. Export sales rose significantly, surging by 43.02% to 21,688 units, compared to 15,164 units in October last year.
Zen Technologies
The Company reported a robust performance in Q2, with consolidated profit surging 365.3% year-over-year to Rs 63.4 crore, up from Rs 13.6 crore. Revenue experienced significant growth, rising 263.7% to Rs 241.8 crore, compared to Rs 66.5 crore in the same period last year. EBITDA climbed 322% to Rs 80 crore, up from Rs 18.96 crore,
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