GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by 80 points or 0.33% at 24,492.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday the NSE Nifty 50 ended up by 270.75 points or 1.12% to settle at 24,484.05 while the BSE Sensex jumped 901.50 points or 1.13% to 80,378.14.
“The market extended its rebound, gaining over 1% amid positive global cues. Following a flat opening, the Nifty gradually climbed, largely driven by the upbeat performance in the U.S. markets as early polling results pointed towards Trump potentially returning as U.S. President. All sectors contributed to the recovery, with IT, real estate, and energy emerging as the top gainers. Broader indices also mirrored this momentum, each advancing by over 2%,” said Ajit Mishra – SVP, Research, Religare Broking.
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Mishra also added that the Nifty has retested resistance at the 24,500 mark after two days of recovery, and sustaining this level could lead to a further rise toward 24,800. While all sectors are showing strength, we expect banking and IT to be the primary drivers of the market going forward. Traders should consider aligning their positions accordingly, focusing on index majors and large midcap counters for long trades.
Stocks to Watch on November 7, 2024
Tata Steel
The company reported a consolidated profit of Rs 758.8 crore for the second quarter, marking a significant turnaround from a loss of Rs 6,511.2 crore in the same period last year. Revenue declined by 3.25%, coming in at Rs 53,904.7 crore compared to Rs 55,681.9 crore year-on-year, reflecting a slight decrease in sales performance.
However, the company saw a robust improvement in profitability metrics, with EBITDA rising 43.9% to Rs 6,141.3 crore from Rs 4,267.8 crore in the previous year’s quarter. This resulted in a notable expansion in EBITDA margin, which increased by 370 basis points to 11.4%, up from 7.7% a year earlier.
Power Grid Corp
Power Grid Corporation of India posted a marginal 0.3% increase in consolidated profit for the second quarter,
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