The markets experienced a lack of sustained upward momentum, concluding the day with marginal gains. On Tuesday, the Sensex witnessed an increase of 30 points, settling at 71,386. NSE's Nifty50, on the other hand, exhibited modest gains, concluding at 21,544, marking an increase of nearly 31 points.
Nifty Bank failed to garner the interest of Dalal Street and concluded the day at 47,242, reflecting a decline of 207 points. In contrast, the Nifty IT index exhibited a relatively stronger performance by trading in the green territory at 34,662 points, marking an increase of 147 points. Analysts attribute this positive trend in the IT sector to the preceding rally in tech stocks in the US.
Amidst ongoing indications of profit bookings in the markets, the recent announcement by Goldman Sachs, wherein the global investment firm revised its target for the Nifty to 23,500 this year, has reinforced bullish sentiment.
"Market optimism about potential softening of US inflation is driving expectations of near-term rate cuts, bolstering overall sentiment. But in-between profit-booking is emerging due to mixed cues from Asian markets as well high valuation concerns," said Vinod Nair, Head of Research, Geojit Financial Services.
Here are the top stocks to watch out, for on Wednesday-
1. Tata Motors: Tata Motors' stock surged nearly 2 per cent on the NSE, reaching a 52-week high of Rs 809.20 per share on Tuesday. The company's luxury car segment (JLR), witnessed a remarkable 27 per cent increase in vehicle sales in Q3FY24 compared to the same period in the previous year. JLR reported its strongest wholesale figures in 11 quarters in the quarter ending December.
2. LT: The tech company achieved a new all-time-high following the announcement of a 'significant' order for its buildings and factories business to construct a new AIIMS at Rewari in Haryana. This positive development pushed the company's shares to close the day at Rs 3,560, reflecting a gain of 1.68 per cent. Meanwhile, the broader IT sector continues to maintain its favorable position, buoyed by optimistic cues emerging from Western markets.
3. Bharti Airtel: The telecom firm's stocks will take center stage on Wednesday, spurred by a recent announcement by Airtel Business, the B2B arm of Bharti Airtel, that it will provide transformative smart IoT solutions to power 20 million smart meters for Adani Energy Solutions. Closing at 1,064, the company's shares marked a 1.44 per cent uptick.
4. Delta Corp: The gaming and hospitality firm's stocks will be in focus once again, as its shares continue to remain in the negative territory. The company experienced a substantial decline in profits, reporting a consolidated net profit of Rs 34.48 crore for the quarter ending in December, representing a decrease of 59.34 per cent in the corresponding quarter of the previous year.
5. Prestige Estate: The shares of the property development company saw a 1.18 per cent surge on the NSE, closing the day at Rs 1,345. The company's shares will be in focus following Prestige Group's announcement of its remarkable sales and collections performance. In 9M FY24, the company achieved its highest-ever sales with an 81 per cent YoY increase and collections with a 20 per cent YoY increase. In Q3FY24 witnessed sales rise by 111 per cent YoY and collections by 36 per cent YoY.
