After a slow start to 2024, both benchmark indices had closed the week in green. Sensex posted gains of over 178 points on Friday to reach 72,026.15 while Nifty surged by 52 points to end the week at 21,710.
Sensex and Nifty will start the week on the back of a positive close in the last trading session. Here are the stocks to watch on January 8
After a slow start to 2024, both benchmark indices had closed the week in green. Sensex posted gains of over 178 points on Friday to reach 72,026.15 while Nifty surged by 52 points to end the week at 21,710.
Attributing the flat week which saw markets closing in deep red on few days to global uncertainties, analysts predict the earnings season will drive the markets in the near term. Vinod Nair, Head of Research at Geojit Financial Services, said, "The week began strong with optimism about future rate cuts, easing global inflation, and softer bond yields. However, concerns over weak China and Eurozone manufacturing data, along with Red Sea tensions, led to a flat market close."
Numbers of quarterly growth for the October to December period are set to start trickling in soon.
Ahead of the trading session on Monday, here are the top stocks to watch:
1) Adani Wilmar: In an update on Friday, the company informed that it has recorded its best ever volume growth in the last quarter but revenue fell by 15 per cent. Its shares closed at Rs 377 on Friday after falling by 1.21 per cent.
2) Marico: The FMCG giant said it suffered the brunt of weak rural demand as its revenue declined in low single digits in Q3. The firm's shares closed at Rs 545.80 on Friday after declining by 1.44 per cent.
3) TVS Motor: At Tamil Nadu's global investors summit, the company announced an investment of Rs 5,000 crore over the period of 5 years in the state. Its shares fell by 0.25 per cent to close at Rs 1,977 on Friday.
4) Bank of Baroda: The bank said in its quarterly update that its global business grew by over 10 per cent to reach Rs 22.94 lakh crore as of December 31, 2023. Its shares fell by 1.47 per cent to close at Rs 234.25 on Friday.
5) Cipla: Cipla's EU subsidiary reached an agreement to partner with UK's Kemwell Biopharma and Mauritius' MNI Ventures to establish a JV in United States which will offer cell treatment products. Its shares fell by 0.73 per cent to close at Rs 1,287.15 on Friday.