Stocks To Watch On August 28: Sensex and Nifty closed in red during the last market session on Friday. While Sensex declined by 365 points to close at 64,886.51, Nifty fell by 120 points to touch 19,265.80. After a strong July, the benchmark indexes have seen a subdued month so far. The inflow of Foreign Portfolio Investors’ (FPIs) funds have also been muted as compared to previous three months. Data showed that FPI’s have invested around Rs 10,000 crore in Indian markets in August so far.
As the markets open this week, factors like the Reliance Industries’ AGM, US Federal Reserve Chairman Jerome Powell’s Jackson Hole speech and concerns over inflation due to poor rains in August are expected to drive sentiments.
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Speaking on the outlook for FPIs this week, Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “In view of the strong dollar and rising US bond yields, FPIs are likely to continue selling in the cash market in the near-term. The poor monsoon in August and its skewed spatial distribution may keep inflation elevated, and this is becoming an area of concern impacting sentiments in the market. This might impact FPI investment, too."
Investors are also keeping a close eye on RIL AGM which is scheduled to take place today. The Mukesh Ambani-led company is expected to announce the roadmap for Jio Financial Services (JFS) during the meeting. The shares of the newly demerged NBFC were listed on the bourses last week.
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Top Stocks to Watch on August 28
Here are the top stocks to watch on August 28
RIL: Company’s shares on NSE closed at Rs 2,461.90 on Friday after declining by 0.72 per cent. Ahead of its 46th AGM, the shares of the company will be closely watched as investors expect several announcements by the leadership during the meet.
Adani Enterprises: Markets regulator SEBI had submitted the status report of its investigation into Hindenburg Research’s allegations against Adani Group. On Friday, the company’s share declined by 1.95 per cent on NSE to close at Rs 2,490.
Vedanta: The company informed in stock exchange filing that it has won an arbitration award against the government in a Rs 9,545-crore case. The shares of the company on NSE closed at Rs 233.30 on Friday, declining by 1.79 per cent from their previous close.
L&T: Shareholders of the company have approved its Rs 10,000 crore share buyback plan and it has set September 12 as the record date. L&T shares declined by over 2 per cent on Friday to reach Rs 2,632.
IDFC First Bank: The bank has won the title sponsorship rights for all international matches held in India. The shares of the company declined by 0.60 per cent on the NSE to close at Rs 90.90 on Friday.
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