GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by 29 points or 0.12% at 24,298.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday the NSE Nifty 50 ended up by 217.95 points or 0.91% to settle at 24,213.30 while the BSE Sensex jumped 694.40 points or 0.88% to 79,476.64.
“Markets managed to inch higher in a volatile session, closing with nearly a one-percent gain. The tone was sluggish in the first half, but a sharp rebound in select heavyweights helped lift the index. Ultimately, the Nifty closed near the session’s high at around 24,213.30. Among the major sectors, banking and metal led the gains, while FMCG and IT traded subdued. Broader indices also saw some relief, gaining nearly half a percent each,” said Ajit Mishra – SVP, Research, Religare Broking.
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Mishra also added that the bulls are working to defend the 24,000 level in the Nifty amid ongoing choppiness, and a strong rally in banking majors has raised hopes for further recovery. However, upside potential appears limited, with a significant resistance zone around 24,400-24,500. Much will depend on global cues, with all eyes on the U.S. presidential election. Traders are advised to maintain a hedged approach and keep position sizes in check until we see some stability.
Stocks to Watch on November 6, 2024
Titan
The company’s quarterly results show a sharp 25% decline in profit, falling to Rs 705 crore from Rs 940 crore in the previous year. Despite the profit drop, revenue saw a 13.3% rise, reaching Rs 13,215 crore compared to Rs 11,660 crore a year earlier. However, the EBITDA dropped by 16.4% to Rs 1,133 crore from Rs 1,355 crore. This was accompanied by a significant 300 basis point contraction in EBITDA margin, which fell to 8.6% from 11.6%, reflecting pressure on profitability amid rising costs.
Dr Reddy’s Lab
Healthcare major reported a 15% drop in consolidated net profit for the second quarter of FY25, reaching Rs 1,255 crore compared to Rs 1,480 crore in the same quarter last year.
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