Benchmark equity indices rebounded on Wednesday prompted by bargain hunting in index majors Reliance Industries, ITC and SBI amid a largely firm trend in global equities. However, a falling rupee and selling pressure in small-cap stocks restricted the gains.
The BSE Sensex gained 89.64 points or 0.12 per cent to settle at 72,101.69. The NSE Nifty climbed 21.65 points or 0.10 per cent to finish at 21,839.10. Broader market ended flat, while sector-wise it was a mixed bag. Oil & Gas, Realty, and FMCG were major gainers.
“On the Global front, England’s inflation cooled to 3.4% for February, a day ahead of its central bank’s monetary policy meeting. Also, China’s central banks kept their benchmark lending rates unchanged. Now all eyes are on the US Fed’s commentary late today and Existing home sales data to be released on Thursday. Markets are expected to remain in consolidation mode due to several events and would keenly track on the US Fed commentary which would provide direction on its future rate action,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on 21 March:
Wipro
The IT services major has appointed Anne-Marie (Annie) Rowland as the Chief Executive Officer (CEO) of the Capco, with effect from 1 April 2024. Currently, Annie is the managing partner of Capco’s business in the United Kingdom and Ireland and a member of Capco’s Global Leadership. After appointment as CEO of Capco, she will become the member of Wipro’s Executive Committee (WEC).
TVS Motor
The two and three-wheeler manufacturer has approved the issuance of cumulative non-convertible redeemable preference shares of Rs 10 each for every one share held as of the record date., amounting up to Rs 1,900 crore through bonus. The NCRPS will have a coupon rate of 6 per cent per annum and shall be redeemed on the expiry of 12 months from the date of allotment. In addition, the company has appointed Vijay Shekhar Sharma and Shailesh Haribhakt as independent directors, enhancing its governance structure.
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Rail Vikas Nigam Limited
Rail Vikas Nigam has emerged as the lowest bidder for an electric traction system project worth Rs 167.28 crore of SER HQ-Electrical/South Eastern Railway. According to the project, the company will design, supply, erection, testing and commissioning of the upgrade of the electric traction system for the Rajkharsawan-Nayagarh-Bolani section of the Chakradharpur division of South Eastern Railway to meet the 3,000 MT loading target.
Crompton Greaves
The company has secured its fourth consecutive order from HAREDA, Haryana, under the PM-KUSUM scheme. The order worth Rs 9 crore includes the supply, installation, and commissioning of various solar photovoltaic water pumping systems, further stregthening the company’s position in the renewable energy sector.
Wockhardt
The company has initiated a Qualified Institutional Placement (QIP) to raise funds, setting the floor price at Rs 544.02 per share.
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