 "Stock broker looking at screen outside the Bombay Stock Exchange")
Stocks to Watch on Friday, February 16, 2024: Equity markets are likely to start Friday’s trade on a positive note tracking gains in the overseas peers.
At 07:30 AM, Gift Nifty futures quoted around 22,107, indicating a likely gap-up of over 100 points on the Nifty50 index.
In Asia this morning, Japan’s Nikkei jumped 1.3 per cent. Hang Seng, Kospi and Straits Times advanced over 0.6 per cent each, while Taiwan added 0.2 per cent.
Overnight in the Wall Street, the S&P 500 rallied to a new high, while Dow gained nearly a per cent as traders adjusted interest rate cut expectations after a larger-than-expected drop in US retail sales.
The US Commerce Department report showed retail sales dropped 0.8 per cent in January as against forecast of a 0.1 per cent dip. Following which, bets on a rate cut in May rose to 40 per cent from 35 per cent earlier.
The US 10-year bond yield eased a wee bit to 4.234. Brent Crude Oil futures, however, jumped to near $83 per barrel.
Meanwhile, these are the stocks that are likely to be in focus on Friday.
New listing: Entero Healthcare to list on the stock exchanges today. The IPO had received lukewarm response and was subscribed 1.53 times.
InterGlobe Aviation, SpiceJet: IndiGo saw a slight dip in market shares to 60.2 per cent in January, as per data released by Directorate General of Civil Aviation. The market share of SpiceJet remained unchanged at 5.6 per cent.
Oil producers: Government has hiked the windfall tax on petroleum crude to Rs 3,300 a metric ton from Rs 3,200 rupees with effect from February 16. It also raised windfall tax on diesel, that had been reduced to zero, to Rs 1.50 a litre.
Patym: According to data analysed by Business Standard, the curbs on Paytm Payments Bank may have limited impact as around 90 per cent of Paytm UPI app users have their accounts linked with other banks.
NBCC: Won housing redevelopment project for MEA worth Rs 262 crore.
Mahindra & Mahindra (M&M): Q3FY24 results of M&M were better than expected, with revenue up 17 per cent year-on-year (YoY) at Rs 25,300 crore and in line with consensus estimates. The firm’s strong auto show is likely to offset slowdown in tractor business. Read Analysis
UPL: Global rating agency Fitch Ratings has downgraded UPL’s long-term issuer rating to ‘BB+’ from ‘BBB-‘ citing weak financials.
