Domestic equity market benchmarks BSE Sensex and Nifty 50 closed in the green on Tuesday, led by gains in select IT and banking stocks. BSE Sensex ended 69 points or 0.12 per cent up at 58,247 levels, while the Nifty50 index settled at 17,380 levels, up 25 points or 0.14 per cent. The trend on the sectoral front was optimistic and Nifty Media was the top sectoral performer rallying up to 14 per cent.
Following stocks are likely to be in focus on Wednesday:
Zomato – On Tuesday, the share price of Zomato experienced a tumultuous roller coaster ride. The company recently announced that it has shut down its nutraceutical and grocery services business to prioritize on its core business operations. Talks around town are that the GST council might make changes in restaurant taxation structures which could ruffle feathers among food delivery companies. Meanwhile, in the second half of the trading session, news broke out that the senior executive and co-founder of Zomato, Gaurav Gupta has tendered his resignation. Hence, this stock is likely to be in focus on Wednesday as new developments come into play.
Dish TV – The company’s shares froze at an upper circuit on Tuesday, giving handsome returns to investors in September 2021, amid the notice issued by Yes Bank, the shareholder in the company, to rejig the board. It is likely to be in focus on Wednesday.
Escorts – The stock has zoomed more than 6 per cent in Tuesday’s trading session due to the news of the company joining hands with IndusInd bank to serve the farming community. The stock was seen trading bullish on the charts, forming a long green candle and moderate spurt in volumes. Also, it is observed to be on the verge of breaking the resistance level. Keep a watch on this stock on Wednesday.
Laurus Labs – The company announced an underway agreement with Unitaid and the Clinton Health Access Initiative (CHAI) for the development of an anti-HIV drug for children. The stock has gained 0.98 per cent in Tuesday’s trading session and is likely to be on the watchlist for Wednesday.
Media stocks – The media stocks are buzzing on the bourses lifted by the Zee group stocks. Zee Entertainment Enterprise has skyrocketed by 39.72 per cent on an intraday basis. The strong buying momentum was seen as Invesco Developing Markets Fund and OFI Global China Fund called a special shareholder’s meeting to replace promoter-CEO. The indication of a new and professionally competent board boosted shareholder spirits. The Nifty Media Index also cheered among the other sectoral indices gaining up to 14 per cent in a day. Watch out for the media stocks on Wednesday.
52-week high stocks – Bharati Airtel, TCS, HCL Technologies and Nestle India have hit their 52-week high prices in Tuesday’s trading session. They are likely to be on investors radar for Wednesday’s trading session.