Benchmark equity indices settled lower in a volatile session on Friday following profit booking and underperformance in the FMCG sector. The BSE Sensex fell 269 points or 0.35 per cent to settle at 77,209.90. The NSE Nifty 50 slipped 65.90 points or 0.28 per cent to close at 23,501.10. Barring IT & Metals, all sectors ended in red.
On Monday, sectors like Fertilizer, gaming, and Oil & Gas sectors would react to the outcome of the GST council.
"The domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the FMCG sector. The heatwave in Northern India is driving consumer durables stocks up. The global markets were subdued as weak guidance from Accenture led to profit booking in US tech stocks. Conversely, domestic IT stocks saw buying interest as market participants appeared to have factored in weaker earnings," said Vinod Nair, Head of Research at Geojit Financial Services.
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Here Are The Key Stocks To Watch On June 24:
CarTrade Tech: Highdell Investment and Macritiche Investments is likely to sell 7 per cent and 3.4 per cent stake in the company through block deals on Monday. The floor price for the shares has been fixed at Rs 820 each, which is at a 4.3 per cent discount to Friday’s closing price, according to reports. The total deal size is expected to be around Rs 400 crore, with an option to increase by an additional Rs 100 crore.
Cipla: The US Food and Drug Administration (FDA) has issued six observations for Cipla’s Goa Facility after an inspection from June 10 to June 21, 2024. The facility has been under a warning letter since February 2020. Notably, the company’s Indore plant has also been under a warning letter since November 2023.
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Tata Steel: Around 1,500 Tata Steel workers in Port Talbot and Llanwern in Wales will begin an “all-out indefinite strike action” on July 8 to protest against the company’s plans to cut 2,800 jobs and close its blast furnaces. Unite the Union said it is the first time in over 40 years that steelworkers in the UK have taken a strike action aimed at severely impacting Tata Steel’s UK operations.
Sun Pharma: The company has announced positive results from the Phase-1 trial of GL0034, a GLP-1 inhibitor drug similar to Ozempic and Wegovy. The drug is still in the very early stages of development and adds to the prospects of the company’s specialty business. GLP-1 drugs touched nearly $50 billion in sales in 2023 and are expected to grow to $100 billion by 2030.
Fertilizer Stocks: The GST Council has referred to the request to reduce Goods and Services Tax (GST) to the Group of Ministers (GoM) on rate rationalization for further consideration.
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