Indian Stock Market Anticipates Flat Opening on Thursday
The Indian stock market is poised for a flat opening on Thursday, mirroring subdued signals from global markets. Asian markets displayed mixed trading patterns, while US stocks concluded mostly lower overnight, driven by persistent selling pressure in technology shares.
Wednesday's Market Performance Recap
On Wednesday, the Indian stock market closed with modest gains amidst mixed global indicators. The benchmark Sensex climbed 79 points, equivalent to 0.09%, settling at 83,817.69. Simultaneously, the Nifty 50 index advanced 48 points, or 0.19%, finishing at 25,776.
Ajit Mishra, SVP of Research at Religare Broking Ltd., provided insights into the trading session: "Markets traded within a narrow range on Wednesday as investors evaluated follow-through activity after Tuesday's robust rally, which was ignited by the India-US trade deal. Following a flat start, the Nifty fluctuated within a tight band throughout the session, concluding marginally higher at 25,779.5. Sectoral trends were varied, with noticeable buying interest in auto, metal, and energy stocks. Conversely, the IT index experienced a sharp decline and underperformed the broader market. Market breadth remained strongly positive, bolstered by a sustained rebound in midcap and smallcap stocks."
Stocks to Monitor Closely
In this context, here is a compilation of stocks that may capture investor attention and are expected to exhibit movement today.
Key Stocks in Focus
- Bharti Airtel, Nykaa, Hero Motocorp, LIC, IOC, Tata Motors Passenger Vehicles: Shares of these companies will remain under scrutiny as they are scheduled to announce their Q3 results today.
- Trent: The Tata Group entity reported a 14.8% increase in revenue for the December quarter, with its EBITDA surging 27.6% to ₹1,081.7 crore.
- Tata Power: The company recorded a slight 0.6% rise in profit to ₹1,194.3 crore, compared to ₹1,187.5 crore in the same period last year. However, revenue witnessed a significant decline of 9.4%, dropping to ₹13,948.4 crore from ₹15,391 crore in the previous year.
- Marico: The firm has entered into definitive agreements to make a strategic investment in Cosmix Wellness, the proprietor of Cosmix, a prominent digital-first functional wellness brand in India.
- NHPC: The board has approved the cancellation of the memorandum of understanding between NHPC and the Green Energy Development Corporation of Odisha, which aimed to establish a joint venture for executing solar power projects in Odisha.
- Power Grid Corporation of India: Power Grid announced that the Ministry of Corporate Affairs has sanctioned the merger of 17 subsidiaries into two entities.
- Cummins: Cummins posted an 11.9% year-on-year decrease in net profit for the third quarter, with earnings falling to ₹453 crore from ₹514 crore in the corresponding period last year.
- Sterlite Technologies: The board is set to convene on February 7 to assess a proposal to raise funds by issuing equity shares, warrants, or convertible securities to promoters through a preferential allotment.
- NSDL: Approximately 149.2 million shares of the company, representing 75% of its total outstanding equity, are slated to become available for trading as the six-month shareholder lock-in period expires on Thursday.
- Emami: The company reported a 15% increase in its consolidated net profit for the December quarter, with earnings rising to ₹319 crore from ₹279 crore in the same period last year.
Disclaimer: This article is intended for educational purposes only. Readers are advised to consult with a qualified investment advisor before making any investment decisions.
