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Recovery in global markets due to a sharp drop in crude oil rates and steady trend in US bond yields triggered a relief rally in domestic benchmarks, said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities. However, uncertainty over further rate hikes coupled with slackening demand and recessionary fears may keep headline indices volatile in the near term, Chouhan added.
On the stock-specific front, Adani Wilmar, Bajaj Finance, Archean Chemical Industries, HP Adhesives, Godrej Consumer Products, Hindustan Unilever Ltd (HUL), Lupin, Accelya Solutions India, Jasch Industries and Surya Roshni will be in focus today.
Shares of Adani Wilmar fell 0.77% to close at Rs 349.90 in the previous trading session. In the food and FMCG segment, the company said it has been scaling well all its key products. In the domestic market, revenue from branded products has been growing at a 40% year-on-year (YoY) rate for the last eight quarters and contributed around 80% to the overall segment revenue in Q2 FY24, it added.
Shares of Bajaj Finance shed 0.07% to end at Rs 7,849.25. The shadow lender said its board has approved raising of up to Rs 8,800 crore capital through a qualified institutions placement by the issue of shares of face value of Rs 2 each. Besides, the company board okayed preferential issue of up to 15,50,000 warrants convertible into equivalent number of equity shares to Bajaj Finserv, promoter, for an aggregate amount not exceeding Rs 1,200 crore.
Archean Chemical Industries shares fell 1.04% to close at Rs 597.85. The company said it has incorporated a wholly-owned subsidiary -- Idealis Chemicals Pvt Ltd.
Shares of HP Adhesives settled with 3.33% gains at Rs 463.50. The company said it has fixed November 9, 2023, as the record date for sub-division of every 1 equity share with face value of Rs 10 each into sub-divided into 5 equity shares having face value of Rs 2 each fully paid-up.
Godrej Consumer Products shares fell 1.32% to close at Rs 977.25 on October 4. In its Q2 FY24 update, the company said, "In India, we witnessed weak macros and adverse weather conditions during the quarter. Despite the tough operating environment our organic business delivered steady performance with mid-single digit volume growth. Overall, Home Care volumes grew in mid-single digit while personal care grew in low-single digit."
Shares of Hindustan Unilever Ltd settled 0.59% higher at Rs 2,522.30. The company will hold its board meet on October 19 to consider Q2 FY24 results and interim dividend proposal. It has fixed November 2, 2023, as record date for the purpose of determining the entitlement of shareholders for dividend, if any.
Shares of Lupin slipped 0.26% to settle at Rs 1,148.45. The pharma major said it has received tentative approval from the United States Food and Drug Administration for its abbreviated new drug application for Tolvaptan Tablets, 15 mg, 30 mg, 45 mg, 60 mg, and 90 mg to market a generic equivalent of Jynarque Tablets, 15 mg, 30 mg, 45 mg, 60 mg, and 90 mg, of Otsuka Pharmaceutical Co., Ltd. This product will be manufactured at Lupin's Nagpur facility in India, it added.
Accelya Solutions India shares settled with 1.37% losses at Rs 1,640.20. The company will trade ex-dividend today. Accelya has announced a final dividend of Rs 30.
Jasch Industries surged 4.99% to close at Rs 332.35. The company will trade ex-spin off today.
Shares of Surya Roshni settled with 3.96% gains at Rs 968. The company will trade ex-split from Rs 10 to Rs 5 today.
"Technically, as long as the Nifty is holding 19,450 level the positive sentiment is likely to continue. On the higher side, the 50-day SMA (Simple Moving Average) or 19,610 and 19,675 would be immediate hurdles. On the flip side, below 19,450 level, uptrend would be vulnerable," said Shrikant Chouhan of Kotak Securities.
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