Sensex and Nifty closed deep in red on Tuesday as the tepid start to the year continued. Sensex fell by over 379 points while Nifty declined by 76 points.
The tepid start to 2024 has been attributed to profit booking and investors caution. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said, "On the domestic front, markets are witnessing profit booking in Jan, after 2 consecutive months of sharp up-move. Nifty gained 5 per cent in Nov and 8 per cent in Dec. Also, investors turned cautious ahead of the FOMC meeting minutes to be released on Wednesday and rising tensions in the Red Sea. India will release manufacturing PMI data on Wednesday."
Supreme Court judgment in Adani-Hindenburg case today is expected to be the most important development. The Hindenburg report, which alleged stock manipulation and violation of public shareholding rules by Adani Group, completes one year this month.
Here are the top stocks to watch on 3 January:
1) Adani Group: The Hindenburg report had wiped off over 50 per cent of group's market cap last year. The apex court judgement will drive the sentiment today. Group's flagship firm Adani Enterprises ended in green yesterday at Rs 2931 after gaining 0.47 per cent on Tuesday.
2) Vedanta: The firm signed an agreement with Gujarat Alkalies to explore business partnership. Its shares gained marginally on Tuesday to end at Rs 258.20.
3) Coal India: The company informed that it's volume of supply to customers hit 98 million tonnes till December end in FY24. Its shares gained by 2.61 per cent on Tuesday to end at 391.75.
4) RVNL: Joint venture of the company KRDC- RVNL received letter of acceptance from Southern Railway. Shares of the firm closed at Rs 181.15 after declining by 0.47 per cent on Tuesday.
5) Jubilant Foodworks: The firm got approval to acquire 6.32 per cent stake in O2 Renewable. Its shares declined by 0.43 per cent to close at Rs 558.