Sensex and Nifty closed on a positive note on Wednesday. Here are the top stocks to watch today.
Sensex and Nifty posted marginal gains to close in green on Monday. Sensex increased by 0.15 per cent to reach 65,880.52 and Nifty touched 19,611.05 after gaining 0.18 per cent during the day. Both the indices were able to recover from the lows of day and end on a positive note. Asian and US stock markets fell on the back of expectations that the federal reserve would keep the interest rate high for longer after the release of economic data.
Commenting on the trends seen in the market, Vinod Nair, head of research at Geojit Financial Services, says, "A spike in crude oil reverberated across the globe, reviving concerns about inflation and sparking fears of a Fed rate hike. This led to a surge in U.S. bond yields, causing investors to shift towards the safety of bonds and reversing the buying trend of foreign investors in the domestic market. Nevertheless, the resilience of the domestic markets shone through as investors placed their bets on an improved outlook, ultimately helping the market recover from the initial shock."
Markets today will see the exclusion of Reliance group's newest member, Jio Financial Services, from NSE indices. BSE has already excluded the scrip form its indices. MSCI and FTSE are still including the scrip in their indices.
Here are the top stocks to watch on September 7:
1) Jio Financial Services: The scrip which got listed on August had hit lower circuit immediately in its initial days. However, it managed to recover and on September 7 it closed Rs 252.85 (NSE). When the scrip will be removed from the NSE indices, passive funds replicating them will have to remove the scrip from their portfolios.
2) Tata Consumer Products: Markets were abuzz with reports of Tata Consumer Products acquiring a 51 per cent stake in Haldiram. The company denied the reports in a stock exchange filing and said that it is not in any such negotiations. The scrip had surged by 3.85 per cent yesterday to close at Rs 878.90 (NSE).
3) Biocon: A subsidiary of Biocon, Biocon Biologics Ltd (BBL), announced that the company has completed integration of the acquired biosimilars business from Viatris in North America. The stock had gained by 0.86 per cent to close at Rs 269.40 (NSE).
4) MMTC: The stocks of the company have seen sustained interest as their value has more than doubled from last month's price. On Wednesday, the stocks again scripted a growth of 7.14 per cent to close at Rs 67.50 (NSE).
5) Hero MotoCorp: Electric vehicle maker Ather Energy informed on Wednesday that it has raised Rs 900 crore from its existing investors Hero MotoCorp and GIC via a rights issue. The Hero MotoCorp scrip saw a marginal increase of 0.09 per cent and ended Wednesday at Rs 2,938 (NSE).