Stocks To Watch: Pharma Companies, Five-Star Business, ASK Automotive, ONGC, IDFC

Shares of pharma companies, Five-Star Business, ASK Automotive, ONGC and IDFC will be in focus on Thursday.

India's apex drug regulatory body, the Central Drugs Standard Control Organisation, has flagged 53 drug samples for failing to meet quality standards, according to an NDTV report. Pharmaceutical companies including Sun Pharma Laboratories Ltd., Glenmark Pharmaceuticals Ltd., and Alkem Health Science Ltd. are implicated in this quality lapse, NDTV said, quoting CDSCO’s August report.

Five-Star Business Finance Ltd. holders will divest stake worth Rs 4,317 crore through a secondary block deal on Thursday. The issue has a lockup period of 12 months post-cross for selling shareholders.

Kuldip Singh Rathee, the promoter of ASK Automotive Ltd., will offload a total of 6.05% stake worth Rs 516 crore through an offer for sale between Sept. 26 and Sept. 27. The orders for the OFS will be placed on both the BSE and NSE.

The NSE Nifty 50 and BSE Sensex bounced back from earlier lows to close at record highs on Wednesday, marking the fourth consecutive session of gains for India's benchmark indices. HDFC Bank Ltd. and Axis Bank Ltd. contributed significantly to this upward momentum.

The Nifty 50 finished up 63.75 points, or 0.25%, at 26,004.15, while the Sensex rose by 255.83 points, or 0.30%, closing at 85,169.87.

Market sentiment remains strong, driven by robust liquidity, according to analysts. They have identified 25,875 as a key support level for the Nifty 50, while 84,750 serves as important support for the Sensex. Analysts also noted that if these levels hold, the Nifty could rally to 26,100-26,150, and the Sensex could climb to 85,500-85,700. Conversely, a dip below 25,875 or 84,750 could shift market sentiment.

Analysts also highlighted that the Nifty has maintained its position above its short-term moving average, indicating continued strength in the market.