Stocks To Watch: Genus Power, Exide Industries, Cyient And Sansera Engineering
Here are the stocks to watch before going into trade on Tuesday
(Source: Envato)
US stocks faced challenges in gaining further ground after a vigorous rally brought the market close to its all-time highs.
On Tuesday, a decline in equities broke what would have been the S&P 500's ninth consecutive session of gains, its longest winning streak in two decades. This drop marked a sharp reversal from the negative momentum observed during the panic selling of early August.
The S&P 500 and Nasdaq 100 were trading 0.22% and 0.38% lower as of 12:43 p.m. EDT. The Dow Jones Industrial Average was down 0.14%. Brent crude was trading 0.52% lower at $77.26 a barrel. Gold fell 0.22% to $2,509.90 an ounce.
The GIFT Nifty was flat at 24,707.50 as of 6:28 a.m.
The NSE Nifty 50 extended its gains for a fourth consecutive session and the S&P BSE Sensex continued its rally after a one-day blip to record their highest closing since Aug. 2, as shares of finance and IT companies led the gains. The Nifty ended 126.20 points or 0.51%, higher at 24,698.85 and the Sensex was 378.18 points or 0.47%, up at 80,802.86.
Overseas investors stayed net sellers of Indian equities on Tuesday for the second consecutive day. Foreign portfolio investors offloaded stocks worth approximately Rs 1,458 crore, while domestic investors stayed net buyers for the 12th successive session and bought equities worth Rs 2,252.1 crore, according to provisional data from the National Stock Exchange.
The Indian currency strengthened by 8 paise to close at 83.79 against the US dollar.
The Nifty ended 126.20 points or 0.51%, higher at 24,698.85 and the Sensex was 378.18 points or 0.47%, up at 80,802.86. During the day, the Nifty and the Sensex rose as much as 0.6% to 24,734.30 and 80,942.96, respectively.
Analysts suggest that while the broader market trend is bullish, day traders should ideally buy on dips and sell on rallies to optimise their strategy.
For day traders, 24,650/80,600 and 24,575/80,300 are the key support zones for the Nifty, while 24,800/81,000 and 24,835/81,200 will be the crucial resistance areas. However, below 24,575/80,300, traders may prefer to exit long positions, according to analysts.
Here Are The Top Stocks To Watch On Wednesday
Cyient: The company approved the sale of a 14.5% stake in the arm of Cyient DLM via a block deal. The sale is to be completed by Aug. 21.
Sansera Engineering: The company approved raising funds of Rs 1,200 crore via QIP or other means.
Dhanuka Agritech: The company approved the buyback of 5 lakh shares at Rs 2,000 apiece. The total value of the buyback is Rs 100 crore.
Genus Power Infrastructure: The company received three orders worth Rs 3,609 crore for the appointment of advanced metering infrastructure service providers.
GE T&D India: Promoters are in the process of reviewing their shareholding structure and express strong intention to continue as the majority shareholder block of the company. The promoters also added that they would evaluate the possibility of a minority stake sale.
Petronet LNG: The company entered into a MoU for the supply of LNG with LTL Holdings in Sri Lanka.
Zaggle Prepaid Ocean Services: Zuzu Software Services sold a 4% stake in the company via the open market on Monday.
PI Industries: The UK Companies Court approved the acquisition of Plant Health Care for £32.8 million. The acquisition is to be completed by Aug. 20.
Exide Industries: The company made an investment of Rs 75 crore in Li-ion making subsidiary Exide Energy Solutuions Ltd. The company's total investment in the arm stands at Rs 2,652 crore.
RMC Switchgears: The company unit received Rajasthan Renewable Energy Corp's nod to set up a 50 MW renewable energy park in the state.
