Stocks in Focus: GIFT Nifty traded flat at 21,074.5 down merely 0.01%, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 dropped 36.55 points or 0.17% to settle at 20,901.15, while the BSE Sensex slipped 132.04 points or 0.19% to 69,521.69.
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“Markets finally snapped a 7-day winning streak as weak global cues fueled selective profit-taking in domestic stocks after the recent upsurge. Investors preferred to book some profit in some richly valued stocks ahead of tomorrow’s monetary policy announcement. Despite today’s weakness the market undertone remains bullish on the back of revival in FII flows and rising hopes that the US Fed may not tinker with rates amid moderating inflation and growth. If today’s uninspiring session is any indication, then Nifty will waver and trade choppy in tomorrow’s session with the biggest hurdles now seen at the psychological 21,000 mark, while the biggest support is placed at 19,521 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Stocks to Watch on December 8, 2023
Adani Ports & Special Economic Zone
India’s largest port developer and operator, will exceed its guidance of 370-390 million metric tonne (MMT) for FY24 and is on track to cross 500 MMT by FY25. The Adani Group company recorded a 42% rise in cargo volumes at 36 MMT in November, with growth coming from all three cargo categories. Its dry bulk cargo grew 60% year-on-year(y-o-y), containers by 26% and liquids and gas by over 23%. “This is nearly 70% of the full-year guidance of 370-390 MMT, and the company expects to meet, if not exceed, the target set for the entire year,” a source close to the development said to FE.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
Sugar and Ethanol manufacturers: Balrampur Chini Mills, Triveni Engineering, Dalmia Bharat Sugar, Shree Renuka Sugars
The Indian Government on Thursday banned the use of ‘sugacane juice and sugar syrup’ for ethanol production in the 2023-24 supply year that started this month, in order to maintain adequate sugar availability for domestic consumption and to keep prices under check.
Vedanta
London-headquartered Vedanta Resources (VRL) is in talks with a clutch of foreign investors to raise $1.25 billion, ahead of its debt maturity of $1 billion in January 2024. The debt, which would be raised at higher interest rates than existing ones, is expected to be finalised as early as next week. A VRL spokesperson confirmed the development but did not disclose the names of the investors with whom the firm is in discussions.
Container Corporation of India
With an aim to promote sustainable and eco-friendly renewable solar energy, Container Corporation of India and (NVVN) have signed a Memorandum of Understanding (MoU) to explore the possibility of setting up PV Solar renewable energy projects in CONCOR terminals, the company said in a regulatory filing.
(With agency inputs.)
