Stocks To Watch On August 29: Benchmark indices Sensex and Nifty posted marginal gains on Monday. Sensex rose by 0.17 per cent to touch 64,996.60, while Nifty reached 19,306.05 after increasing by 0.21 per cent compared to the previous close. Led by Asian markets, global indices also posted gains on Monday.
Vinod Nair, Head of Research at Geojit Financial Services, said, "Global markets traded positively, led by Asian peers, as China's measures to support the property sector boosted sentiment. Domestically, all major sectors, along with mid and small caps, remained positive, except for the IT sector, which faced concerns related to potential rate hikes."
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For today, the effect of announcements by RIL Chairman Mukesh Ambani during company’s 46th AGM would be a key development to track. RIL shares declined by 1.27 per cent to Rs 2,436.95 (NSE) on Monday. Market experts suggested that the decline could be attributed to the absence of any announcement on telecom and retail IPOs.
However, Aamar Deo Singh, Head Advisory at Angel One Ltd, said, “Reliance sees enormous potential for both itself and the nation, and also sees itself as a leader. Reliance should surely be included in the portfolios of investors with a long-term outlook.”
Top Stocks to Watch August 29
After the developments on Monday, here are the top stocks to watch on August 29:
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Jio Financial Services: During his speech at the AGM, Ambani spoke about Reliance group’s newest member. He said, “JFS will serve the underserved sectors and enter the insurance segment.” However, the markets did not react positively. While the stock was in green for most of the day, it ended up declining by 2.05 per cent to reach Rs 210.10 (NSE).
Sun Pharma: The company stated that it plans to spend 7-8 per cent of sales on R&D this fiscal. During its AGM, MD Dilip Shanghvi said that the company is expecting high single digit consolidated top line growth in this fiscal. Company’s shares gained 0.97 per cent to reach Rs 1,117 (NSE) on Monday.
Zomato: A Tiger Global Management-backed VC fund exited the company by selling 1.44 per cent stake for Rs 1,123.85 crore. Zomato scrip surged by 1.48 per cent on Monday to reach Rs 92.35 (NSE).
SJVN: A subsidiary of the company, SJVN Green Energy, received three solar power projects from Assam Power Development Corporation. SJVN stocks posted strong gains on Monday after they gained 7.12 per cent to close at Rs 60.90(NSE).
Star Health and Allied Insurance: ICICI Prudential Life and Fidelity bought 3.35 per cent shareholding in the insurance company. On Monday, ROC Capital, Madison Capital, and University of Notre Dam sold shares of the company for Rs 1,312 crore. Its stocks traded flat on Monday, with the scrip gaining 0.21 per cent to close at Rs 611.50 on NSE.
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