Benchmark equity indices surged over 1 per cent on Friday on the back of positive global cues. Asian stocks jumped amid cooling fears that a US recession was impending even as the mildly positive inflation data from China also helped lift sentiments.
The BSE Sensex jumped 819.69 points or 1.04 per cent to settle at 79,705.91. The NSE Nifty 50 gained 250.50 points or 1.04 per cent to close at 24,367.50.
The market is expected to open on a cautious note amid mixed global market cues and weak domestic sentiment after the new Hindenburg report against SEBI Chief Madhabi Puri Buch in the Adani Group case.
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“In Friday’s trade, Nifty staged a strong recovery following recent losses, marking a significant rebound. Despite the improved market sentiment, investors remain cautious about potential disruptions, especially with the looming Hindenburg Research report from the US. Friday's bullish trading suggests opportunities for long-term positions, particularly on any dips,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities.
“All eyes are also on Ola Electric, which surged 20 per cent on its market debut, hitting the upper circuit at Rs 91. Looking ahead, the week promises volatility, driven by key events like the US CPI and Retail Sales reports. Meanwhile, Q1 results from companies including AIA Engineering, BPCL, and Voltas are anticipated today,” he said.
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According to experts, the market is likely to react to the latest report by US-based short seller against SEBI Chief and Adani Group, who have strongly denied all the allegations calling them as “baseless,” “devoid of any truth” and “attempt to character assassination”.
Here are the key stocks to watch on August 12:
Adani Enterprises: The Hindenburg Research in its latest reported accused SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch of having held stakes in obscure offshore funds used in siphoning money from Adani Group companies. Nearly 18 months after its damning report on Adani, Hindenburg said, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities."
Aurobindo Pharma: The pharmaceutical major reported consolidated net profit of Rs 919 crore in June 2024 quarter, up 61 per cent YoY compared to Rs 571 crore in the year-ago period. The Hyderabad-based company’s revenue from operations increased to Rs 7,567 crore in the June quarter compared to Rs 6,851 crore in the corresponding quarter of previous fiscal.
Oil and Natural Gas Corporation (ONGC): The company has received approval from the Government of India for the infusion of additional equity capital up to Rs 10,501 crore in ONGC Petro additions Limited, the conversion of back-stopped Compulsorily Convertible Debentures (CCDs) amounting to Rs 7,778 crore, and the balance payment of Rs 86 crore with respect to share warrants, totaling Rs 18,365 crore, ONGC said in a regulatory filing.
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Jubilant Foodworks: The company reported a 31.4 per cent YoY decline in net profit to Rs 51.5 crore in the first quarter that ended June 30, 2024, compared to Rs 75.1 crore in the year-ago period. However, the revenue increased nearly 45 per cent YoY to Rs 1,933 crore.
Shipping Corporation of India: The state-run company posted a 69.9 per cent YoY growth in net profit to Rs 291.5 crore in the June quarter as against Rs 171.6 crore in the corresponding quarter of previous fiscal. The company’s revenue jumped 26.2 per cent to Rs 1,514.3 crore compared to Rs 1,200.1 crore in the year-ago period.
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