Following a lackluster beginning, the domestic benchmark indices recovered with a surge of bullish momentum. Here are the stocks to watch for
After a subdued start, the domestic benchmark indices rebounded with bullish momentum. On Wednesday, the Sensex surged by 271 points, closing at 71,657. NSE's Nifty50, on the other hand, gained ground during the day and concluded at 21,618, reflecting an increase of nearly 73 points.
Nifty IT maintained its positive trajectory, buoyed by the anticipation of quarterly results by key IT giants scheduled for Thursday. The IT index recorded a gain of 171 points, concluding the day at 34,834.
"Sector-wise it was a mixed bag with buying seen in Media, IT, Metals, and Consumer Durable stocks. Niche sectors like railway stocks were in focus on the back of an increase in the government’s spending on railway infrastructure," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
On the global front, Japan's Nikkei 225 reached its highest level since 1990. Meanwhile, global investors are eagerly awaiting the release of US inflation data on Thursday, as it is poised to impact rate decisions.
Here are the top stocks to watch out, for on Thursday-
1. Adani Enterprise: The flagship company of the conglomerate will be on focus on Thursday following a recent announcement by Chairperson Gautam Adani. The conglomerate has outlined plans to invest over Rs 2 lakh crore in the state over the next five years. The shares of nearly every company under the conglomerate were trading in the green territory, with the flagship company's shares experiencing a surge of over 3 per cent, closing the day at Rs 3,107 on the NSE.
2. Reliance: The top gainer on BSE witnessed a surge of more than 2 per cent, closing the day at the Rs 2,649 price level. This surge followed a statement by Mukesh Ambani, affirming the company's commitment to aiding Gujarat in meeting half of its energy requirements through renewable sources by 2030. This ambitious goal aims to position the state as a global leader in sustainable growth.
3. TCS: The shares of the IT giant will also be on focus as the company gears up to announce its Q3FY24 results. On Wednesday, TCS was also among the top gainers on BSE. The shares of the company surged by almost a per cent to conclude the day at Rs 3,713 price level.
4. SBI: On Wednesday, S&P and Fitch assigned an investment grade rating of 'BBB-' to the upcoming dollar-denominated bonds set to be issued by the London branch of India's largest lender, SBI. The bank's shares continued in a downward trend, closing the day at Rs 622, reflecting a decline of 0.54 percent.
5. Infosys: The shares of the IT firm registered a decline of 0.61 per cent, settling at the Rs 1,519 price level on the NSE. Infosys is scheduled to release its quarterly results on Thursday, and there is skepticism on D-street regarding the earnings figures of the company.