Benchmark stock market indices opened positive on Tuesday after closing sharply higher yesterday. The S&P BSE Sensex opened roughly 100 points higher at 60,246, while the NSE Nifty 50 was trading 0.24 per cent higher at 17,962.
Stock markets, however, remain volatile as weak global cues continue to hurt IT and metal stocks, which have seen sharp erosion over the past few sessions. Having said that, here are some of the top stocks to watch out for today:
Shares of Tata Motors will be in focus during today’s market session as the carmaker reported a loss of Rs 4,415.5 crore for the September quarter. However, the company’s revenue for the same period was better at Rs 61,378 crore. Tata Motors shares were trading nearly 2 per cent higher at the time of publication.
The private lender’s September quarter net profit has jumped 32 per cent year-on-year at Rs 3,870 crore. It is better than what analysts had expected due to a sharp rise in dividend income. The profit during the same period last year was Rs 2,870 crore.
Shares of Muthoot Finance may see some movement today as the Reserve Bank of India (RBI) has cancelled the certificate of authorisation (COA) given to the financial corporation for setting up, owning, and operating white-label ATMs. The development comes after the company voluntarily surrendered the COA. Shares of Muthoot Finance were trading flat at the time of publication.
The Indian Railway Catering and Tourism Corporation (IRCTC) has reported a nearly 5-fold jump in net profit during the September quarter at Rs 154.83 crore. This is due to higher profit from ticketing revenue that came at Rs 220.34 crore during the period. At the time of publication, IRCTC shares were up nearly 1 per cent on the Bombay Stock Exchange.
The petroleum ministry has asked ONGC to give away 60 per cent plus operating control in India’s largest oil and gas producing fields of Mumbai High and Bassein to foreign companies. The development was reported by news agency PTI, based on an October 28 letter given to the state-owned company.
OTHER MAJOR STOCKS IN FOCUS TODAY
Besides these companies, a host of jewellery firms such as Titan, Gokaldas Exports, Kalyan Jewellers and more will be in focus today in view of Dhanteras.
Steel company stocks are also likely to be in focus as most of them have raised prices by Rs 2,000-Rs 3,500 per tonne due to pressure arising from rising input costs. This is likely to impact the share price of many steel stocks during today’s trading session.
Stocks of major companies such as Bharti Airtel, Dabur, HPCL and Sun Pharma will also be in focus as they will report their second quarter earnings today.