Top stocks to watch out for today: Indian equity benchmark indices surged further to close at record highs for the fourth consecutive session on Tuesday, on the back of unabated foreign fund inflows and largely bullish investor sentiments. In addition, heavy buying in index majors Bajaj Finance, Bajaj Finserv, Infosys, HDFC Bank and TCS boosted the optimism in the equity market.
The BSE Sensex jumped 274 points or 0.42 per cent to settle at its all-time closing high of 65,479.05. The NSE Nifty climbed 66.45 points or 0.34 per cent to end at a fresh record high of 19,389. The Indian rupee fell 6 paise to settle at 82.02 against the US dollar on Tuesday.
“The Nifty ended positive on the sixth consecutive day, the undertone of the Nifty index and the broader market is extremely bullish. One should maintain a buy-on-dips approach on nifty and avoid any short position until breaks 19200,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
“The immediate support for the nifty index stands at 19300 where maximum open interest in put options data is seen and on the upper end nifty can face resistance at 19500 where maximum open interest in calls is seen, if nifty breaks 19500 levels we can see some further upside move towards 19700,” said Shah.
Top stocks to watch for 5 July:
The Index Maintenance Sub-Committee (Equity) of NSE Indices on Tuesday announced a replacement against HDFC Ltd. The tech major will replace the housing finance giant on the mainboard Nifty 50 from 13 July 2023. Jindal Steel & Power will replace HDFC in the Nifty 100 index and LTIMindtree in the Nifty Next 50 index, Mankind Pharma in the Nifty 500 index and Jindal Steel & Power is going to replace HDFC in the Nifty Midcap 150 index. LIC Housing Finance will replace HDFC in the Nifty Financial Services index.
State Bank of India
The Executive Committee of the Central Board (ECCB) has given its nod to SBI for acquiring the entire stake held by SBI Capital Markets in SBICAP Ventures, subject to receipt of all regulatory approvals. SBICAPS is a wholly-owned subsidiary of SBI. The country’s largest lender has proposed to acquire 6,03,80,000 equity shares worth around Rs 708.07 crore.
The private sector bank announced its loans & advances in the April-June quarter of FY24 rose by 6.7 per cent year-on-year to Rs 1.03 lakh crore but fell by 5.5 per cent quarter-on-quarter. Total deposits grew by 0.4 per cent quarter-on-quarter and 16.6 per cent year-on-year to Rs 1.08 lakh crore. Retail deposits at Rs 77,239 crore increased by 5.9 per cent year-on-year and bulk deposits grew by 55.4 per cent year-on-year to Rs 31,240 crore.
The Pharma major’s subsidiary CuraTeQ Biologics announced positive results in phase 3 clinical trials for its proposed Trastuzumab biosimilar product. Trastuzumab is a breast cancer biosimilar product, BP02.
The private sector lender announced 8 per cent year-on-year growth in total deposits to Rs 85,638 crore and gross advances rose by 20 per cent to Rs 74,792 crore. Retail advances increased 32 per cent year-on-year while wholesale advances rose 8 per cent year-on-year for the April-June quarter of FY24.