Benchmark indices kicked off the week on a bearish note, driven by weak global cues. On Monday, the Sensex witnessed a decline of 670 points, closing at 71,355. The Nifty 50, after a brief positive trajectory, succumbed to the negative trend, shedding 197 points and settling at 21,513.
Analysts attribute the decline to the release of better-than-expected US job data last Friday, sparking concerns that the US Federal Reserve might delay implementing a rate cut. "This led to a rise in the dollar index along with the 10-year bond yield. Thus, overall sentiments are currently subdued in the market and could lead to more consolidation over the next few days," said Siddhartha Khemka, Head of retail Research, Motilal Oswal Financial Services Ltd.
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This week, the crucial focal point lies in the upcoming inflation data releases from the United States, China, and India.
Here are the top stocks to watch out, for on Tuesday-
1. HCL Tech: The IT giant emerged as one of the top gainers on BSE on Monday, witnessing a marginal increase in its share price by 0.50 per cent, closing the day at Rs 1,439.90. The company is also among the top dividend-yielding firms, generating optimism surrounding its Q3 results, scheduled to be announced this week. For the fiscal year ending March 2023, HCL Technologies has declared an equity dividend of 2400 per cent.
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2. Zee: The $10 billion mega-merger between media giants Zee and Sony is encountering back-to-back challenges. Things got worse for Zee, as media reports indicated that Sony is considering calling off the deal. Sony intends to submit the termination notice before the extended deadline of January 20 for closing the deal. Consequently, the company's share price experienced a decline of more than 1.50 per cent, settling at Rs 278.45 by the end of the day, on NSE.
3. Delta Corp: The shares of the gaming and hospitality firm, Delta Corp Ltd., will be in focus on Tuesday as the company is set to announce its Q3FY24 results. The company's share price experienced a decline of 1.74 per cent on the NSE, closing the day at Rs 149.65.
Meanwhile, the Supreme Court announced that it will hear the Online Gaming Federation's appeal against the 28 per cent GST on online gaming in the upcoming months.
4. Bajaj Auto: The automotive company, as per an exchange filing, declared the approval of a Rs 4,000 crore share buyback program. The shares, valued at Rs 10,000 each, were announced on January 8. The company's shares were trading in the green territory, registering slight gains and concluding the day at Rs 6,985.
5. ONGC: The shares of the government-owned Oil and Natural Gas Corp (ONGC) reached a new 52-week high of Rs 220. This uptrend occurred a day after the company initiated production from its deep-water KG-DWN-98/2 block, located off the Bay of Bengal coast. The company's stock price rose by 0.5 per cent, concluding the day at Rs 217.
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