Market Update: BPCL, IDBI To Kickstart The Week, Watch Out For TCS, Tata Steel
After a fall last week, Monday may prove volatile for the stock market. Experts say that there has been a slump in the market since the last few days and even today, the market may witness ups and downs
The last few days have seen a bearish trend in the stock market. One of the biggest reasons for this is the withdrawal of foreign portfolio investors (FPIs) from the market. According to a report, FPIs have been selling in the market for 11 consecutive days. This period has seen a sale of about Rs 14,300 crore. The market had closed on the red mark on the last trading day i.e. Friday and even today, it will be highly volatile.
Stocks Going Strong
Here’s a look at the stocks that may trend today. The Momentum Indicator Moving Average Convergence Divergence (MACD) has given bullish signals to RVNL, BPCL and IDBI Bank. These stocks have been performing well in the past few days.
It may be mentioned here that Rail Vikas Nigam Limited (RVNL) has been bagging some big projects, which has strengthened its financial position. Trading at Rs 72.40, it has gained 6.55 per cent in last five days and 7.50 per cent in a month.
These Are On A Rise
The stock of Bharat Petroleum Corporation Limited i.e BPCL also closed on the green mark on Friday. This share, which is available at Rs 345 with a rise of 0.77 per cent, has given a return of about 4 per cent to its investors in the last 5 days. In the last six months, this figure has gone up to 9.21 per cent.
As for IDBI Bank, despite the slump in the market on Friday, this stock had jumped by 7.58 per cent. It is trading at Rs 58.90 and is close to its 52-week high of Rs 61. While its 52-week low has been Rs.30.50.
Names That Would Be In Spotlight Today
Here’s a look at the few names that may be trending today. Tata Consultancy Services will release its December Quarter (Q3FY23) results in today. It is currently trading at Rs 3,213.90 and has seen a slump but all eyes are on the report.
Dhruv Consultancy Services has been awarded a contract worth Rs 11,17,80,000 by the National Highways Authority of India, Navi Mumbai. It is currently at Rs 56.35 and closed with a jump of 3.49 per cent.
Gland Pharma Ltd has entered into an agreement to buy a stake in Cenexi and Cenexi Holding Entities. JK Paints and Coatings, a JK Cement company, has invested Rs 153 crore and completed the acquisition of 60 per cent equity shares of Acro Paints.
There has been a 12 per cent jump in the sales of Titan Company on an annual basis. Similarly, the production of Tata Steel has also increased.
Aditya Birla Fashion & Retail proposes to raise funds by issuing 5,000 listed, unsecured, rated, redeemable non-convertible debentures of the face value of Rs 10,00,000 each issued at par aggregating to Rs 5,00,00,00,000 on private placement basis, on or after January 13.
All these factors can change the scene for these companies.