Produced by: Prashun Talukdar Designed by: Manoj Kumar
Despite the two-day market recovery, there is a lot of pessimism amongst investors due to a slew of negative factors such as Israel-Hamas conflict, FII fund outflows, higher inflation and strengthening US bond yields, said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.
On the stock-specific front, Adani Total Gas, Airtel, Tata Motors, Riddhi Steel, Balkrishna Industries, Sasken Technologies and some other counters will be in focus today.
Shares of Adani Total Gas rose 0.71% to close at Rs 563.70 in the previous trading session. The stock will be in focus today as the company will announce its second-quarter (Q2 FY24) results.
Shares of Bharti Airtel climbed 1.24% to end at Rs 925.90. The company will also declare its Q2 FY24 earnings today.
In addition, companies such as Aether Industries, Ajanta Pharma, DCB Bank, Indian Oil Corporation, Jindal Steel, KEI, Larsen & Toubro (L&T), MRPL, Navin Fluorine Internationa, RITES, Reliance Power, Tata Consumer Products and VGuard will announce their respective quarterly results today.
Tata Motors shares settled 1.94% lower at Rs 628.25. The carmaker said an arbitral tribunal ruled in favour with respect to claims for Singur manufacturing unit in West Bengal. The tribunal asked West Bengal Industrial Development Corporation (WBIDC) to pay Tata Motors Rs 766 crore plus interest at 11%. Tata Motors also said that it is entitled to recover Rs 1 crore from WBIDC for the cost of court proceedings.
Shares of Riddhi Steel and Tube surged 10% to close at Rs 57.02. BSE has sought clarification from the company "with reference to significant movement in the share price."
Shares of Balkrishna Industries slipped 0.91% to settle at Rs 2,575.30. The stock will trade ex-dividend today. The company has announced an interim dividend of Rs 4.
Shares of Dr. Agarwal's Eye Hospital tumbled 3.19% to end the session at Rs 2,777. The stock will also turn into ex-dividend today. The interim dividend amount is Rs 2.5.
Shares of Elecon Engineering Company rose 1.75% to settle at Rs 804.95. The srip will trade ex-dividend too. The interim dividend amount is Re 1 per share.
Shares of Sasken Technologies edged 0.02% up to close at Rs 1,153.50. The counter will also turn into ex-dividend today. The dividend amount is Rs 12 per share.
Shares of Styrenix Performance Materials slipped 0.95% to settle at Rs 1,404.75. The stock will also trade ex-dividend today. The dividend amount is Rs 22 per share.
Shares of Tips Industries gained 2.39% to settle at Rs 351.90. The scrip will trade ex-dividend too. And, the dividend amount is Rs 2 per share.
"Nifty staged a strong recovery with the bulls successfully defending the previous day's low, ultimately closing at its highest point. Despite a broader negative outlook due to the prevailing downtrend, the possibility of a pullback exists, potentially taking the index to the 19,300 mark. However, it's crucial to note that the support level at 18,900 is critical, and any closing breach below it would shift control to the bears, potentially leading the index down to the 18,500-18,300 range," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.