Overnight Digest: Stocks to watch out for on October 21
On Wednesday, the benchmark indices corrected led by the expensive side of the market where valuations were stretched. Most of the sectoral indices ended in the red although PSU banks were seen holding the trend with investors inclining for value in that space.
At close, Sensex plunged 0.74 per cent settling at 61,259.96 level, and the Nifty was down by 0.83 per cent at the 18,266.60 level.
These stocks are likely to be on investors radar for Thursday's trading session:
Jindal Stainless (Hisar) Limited - The company announced that it has commissioned the 26,000 tons per annum (TPA) capacity Precision Strip Mill as part of the first phase of its latest brownfield expansion plan at its state-of-the-art Specialty Products Division (SPD). The total precision strip production capacity will now jump to 48,000 TPA from the existing 22,000 TPA. The capacity expansion of precision strips will enhance the company’s presence in segments like auto, process industry, and oil and petrochemical, and will be catering for the supply needs of aerospace and electric vehicles.
Tata Steel BSL - On Tuesday, in the post-market hours, the company declared the quarterly results for Q2FY22. The company reported over a multifold jump in its consolidated net profit to Rs 1,837.03 crore for the September 2021 quarter as compared to Rs 341.71 crore reported in the corresponding quarter, attributed mainly to higher income. Its total income during July-September 2021 rose to Rs 8,329.68 crore, from Rs 5,545.35 crore in the year-ago period. Despite the strong improvement in net profit, the stock was ended at 1.23 per cent lower on Wednesday.
Bullish Moving Average Crossover: The shares of Hemisphere Properties gained by more than 8 per cent while the share price of Burger King, ABB India, KPIT Technology and TTK Prestige soared by 3.83 per cent, 3.56 per cent, 6.84 per cent and 3 per cent respectively. All these shares reflected a bullish moving average crossover on Wednesday. These stocks can be viewed favourably by the bulls in Thursday's trading session.
Bullish Stochastic Crossover: The shares of Wabco India, Equitas holding, Dhani Ibull ventures, Jamna Auto and Sundaram Finance gained on Wednesday, outperforming the markets. These stocks reflected a bullish Stochastic Crossover. These trending stocks will be in focus on Thursday.