Indian benchmark equity indices witnessed a sharp rally on Wednesday on the back of buying in energy, FMCG, and capital goods stocks amid mixed global market cues and easing inflation concerns.
The BSE Sensex jumped by 393.69 points or 0.6 per cent to settle at 66,473.05. The NSE Nifty grew 121.50 points or 0.62 per cent to settle at 19,811.35.
“Positive global cues helped domestic markets extend gains for a second straight session as moderating US bond yields improved the sentiment. With oil prices seeing little movement in the wake of the Israel-Palestine conflict, the focus has once again quickly shifted back to global macro-economy. If the US treasury yields doesn't spike from here on, it would bring some stability to global equity markets and encourage investors to undertake risk-on strategy,” said Srikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
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“Technically, after a long time the Nifty surpassed the 20-day SMA (Simple Moving Average) and it is also holding the bullish continuation formation on daily and intraday charts which is largely positive. For the bulls, 19750-19700 would act as crucial support zones while 19850-19900 could be key resistance areas for the traders. However, below 19700, the uptrend would be vulnerable,” he added.
Top Stocks To Watch On 12 October:
Tata Consultancy Services
TCS reported an 8.7 per cent year-on-year growth in profit at Rs 11,342 crore for the July-September quarter, higher than market estimates due to better operating numbers. Revenue increased 7.9 per cent YoY and 2.8 per cent QoQ to Rs 59,692 crore on the back of energy resources, utilities, and manufacturing segments. Operating margin grew 0.3 per cent YoY to 24.3 per cent.
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The country’s largest IT services provider announced an interim dividend of Rs 9 per share and order wins at $11.2 billion for the reported quarter. The company has decided to buyback shares worth Rs 17,000 crore at a price of 4,150 per share.
IndusInd Bank
The Reserve Bank of India (RBI) has given its nod to SBI Mutual Fund to acquire up to 9.99 per cent of the paid-up share capital in IndusInd Bank within a period on one year. The central bank has advised RBI to ensure that the aggregate holding in the bank does not exceed 9.99 per cent of the paid up share capital of the bank at all times.
Cipla
The pharma major’s manufacturing subsidiary InvaGen Pharmaceuticals has received the EIR (Establishment Inspection Report) from the USFDA on the classification of the inspection as Voluntary Action Indicated. InvaGen Pharma is located in Central Islip, Long Island, USA.
Delta Corp
The casino gaming company reported a consolidated profit of Rs 69.44 crore for the second quarter of FY24, rising 1.74 per cent year-on-year due to muted topline and operating performance. Revenue from operations saw a flat year-on-year growth of 0.2 per cent at Rs 270.6 crore. Anil Malani has been appointed as president and chief financial officer (CFO) and Manoj Jain as COO with effect from 11 October.
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Rail Vikas Nigam
The state-owned railway company has emerged as the lowest bidder for supply, installation, testing & commissioning of Tunnel communication system in Assam. The project is worth Rs 28.73 crore for a period of 1 year.
