Benchmark indices Nifty and Sensex closed on a flat note during the first trading session of 2024. Sensex gained 31 points to end at 72,271.94 while Nifty posted marginal gains of 10 points to end at 21,741.90.
Analysts attribute profit booking and geopolitical concerns due to crisis in the Red Sea for the volatile start to the year. Vinod Nair, Head of Research at Geojit Financial Services, said, "Market exhibited strength led by optimism on rate cuts, easing global inflation, and softer bond yields. But profit booking was visible at higher levels as lingering concerns over Red Sea disruptions pose short-term risks to global supply chains and freight costs."
Investors are expected to keep an eye on Federal Open Market Committee (FOMC) minutes due this week which would give insights into possible rate cuts in 2024.
Here are the top stocks to watch on 2 January:
1) LIC: The company has received a Rs 806 crore tax notice from Mumbai State Tax department. The shares of the company ended in green on Monday after gaining 2.94 per cent to close at Rs 857.
2) HUL: The FMCG giant has received a Rs 447.5 crore GST notice from five different zones. Shares of the firm declined by 0.58 per cent on Monday to end at Rs 2,648.55.
3) TCS: After an IT Union complained about forced transfers, the company has received a notice from Maharashtra labour department. Shares of the firm gained by 0.25 per cent on Monday to close at Rs 3,803.
4) BHEL: The company clarified on Monday that it has not received the Rs 19,400 crore project from NLC India for the Talabira plant after reports claimed it had outbid L&T for the mega tender. Shares of the company ended Monday in green after gaining 2.09 per cent to close at Rs 197.60.
5) Bharti Airtel: The telecom firm has announced acquisition of 97.1 per cent stake in Beetel Teletech. Its shares closed at Rs 1,012 after declining by 1.96 per cent.
