Benchmark indices surged to new all-time highs on Wednesday, buoyed by sustained bullish sentiment, with broader markets also maintaining their positive trajectory. The BSE's Sensex breached the 75,000 milestone, while the NSE's Nifty 50 reached 22,775 points.
BSE Sensex was up by 354.45 points to settle at a record high of 75,038. Whereas, NSE Nifty 50 rose by 111 points to close at 22,753.
"Indian markets sustained their upward momentum, buoyed by a robust performance in the broader market, albeit slightly lagging behind its Asian and European counterparts. Investor attention remains fixated on the impending release of the FOMC minutes and US inflation data later today. Following the release of strong US job data, market sentiments are inclined towards an anticipation of spike inflation, thereby reducing the likelihood of a near-term rate cut," said Vinod Nair, Head of Research, Geojit Financial Services.
Market heavyweights dominated the movers' list, with stocks like ITC, Kotak Mahindra Bank, SBI, Bharti Airtel, and Asian Paints emerging as the top gainers.
"Additionally, Fitch's recent downgrade of China's credit rating could potentially reverberate through the global economy, warranting a caution," Nair added.
Here are the top stocks to watch on 12 April:
1.TCS : The IT giant is set to announce its Q4FY24 earnings report. Last month, Tata Sons divested a 0.65 per cent stake in Tata Consultancy Services to alleviate debt burdens. For Q3FY24, the company reported a net profit of Rs 11,058 crore, marking a 2 per cent, increase compared to Rs 10,846 crore in the corresponding quarter of the previous year.
2.Mahindra and Mahindra: On Wednesday, the automobile major witnessed a downturn after hitting a new 52-week-high at 2,108. The company received an order from the Punjab Pollution Control Board (PPCB), mandating the submission of a Rs. 50 lakh Bank Guarantee within 7 days owing to unsatisfactory compliance with certain provisions of the Water (Prevention & Control of Pollution) Act.
3.SBI: The shares of the public sector lender will be in focus on Friday as the bank reportedly, declined to disclose the information on electoral bonds, under the Right to Information (RTI) Act, it submitted to the Election Commission of India (ECI).
4.Bharti Airtel: The telecom firm was among the top gainers on Wednesday. According to a report by Antique Stock Broking, Bharti Airtel is projected to witness a 38 per cent surge in its average revenue per user (ARPU) over the next three years, reaching Rs 286. This growth figure is largely attributed to prospective hikes in tariffs.
5.HUL: Shares of Hindustani Unilever will be in focus on Friday. The Calcutta High Court issued an order prohibiting the consumer goods giant from using the ‘Glow & Handsome’ label to market its line of men’s care products. This action comes in response to a lawsuit filed by rival Emami Ltd.
