Overnight Digest: Keep an eye on these stocks on October 14
Benchmark indices settled at fresh record high levels led by the auto, IT, metal and infra stocks. At close, the Sensex was up 452.74 points or 0.75 per cent at 60,737.05 level, and the Nifty gained 169.80 points or 0.94 per cent closing at 18,161.80 level.
Auto stocks led by Tata Motors pushed the Nifty to new highs bundled with decent support from infra and metal stocks on the launch of the Master Plan for infrastructure development and multi-modal connectivity. In the broader markets, BSE midcap and smallcap indices zoomed 1.56 per cent and 0.59 per cent, respectively.
Following stocks are likely to be in focus on Thursday:
Grasim Industries - The company has executed a supplemental share subscription agreement with Renew Green Energy Solutions Private Limited (Renew) & Renew Surya Uday Private Limited and a power purchase agreement with Renew Surya Uday Private Limited (Power Producer). The agreement is to operate and maintain a 16.68 MW Wind-Solar Hybrid power plant in Gujarat wherein the power generated will be supplied exclusively to Grasim under the Captive Rules. Grasim Industries closed 2.65 per cent higher in Wednesday's trading session and is likely to be in focus on Thursday.
Ultratech Cement - The company today announced signing a memorandum of understanding (MoU) with Punjab Renewable Energy Systems Pvt Ltd (PRESPL) to decarbonize its operations and aims to significantly scaleup the use of biomass in place of fossil fuel like coal in its manufacturing operations. The stock traded in green throughout Wednesday's trading session and has closed 1.39 per cent on the higher side.
Tata Motors - Tata Motors skyrocketed up to 21.09 per cent on an intraday basis in Wednesday's trading session. This jump in stock was followed by the news that private equity firm TPG Group would be investing Rs 7,500 crore in Tata Motors wholly-owned electric vehicle subsidiary. The TPG investment would be made in tranches, over 18 months from the date of completion of the first tranche. Keep a close watch on this stock on Thursday.
Bullish Moving Average Crossover -GE Power, Venkys, Hindustan Zinc, Gujarat Ambuja and Schaeffler India gained by 7.55 per cent, 6.93 per cent, 4.56 per cent, 3.11 per cent and 2.84 per cent each on Wednesday. A bullish moving average crossover was seen in these stocks and hence these stocks will be in focus on Thursday.
Bullish Stochastic Crossover -Minda Industries, Federal Bank, Rajesh Exports, SAIL and Trident are some of the outperforming stocks on Wednesday, where we saw a bullish stochastic crossover. These stocks will be viewed with a bullish perspective on Thursday.