Indian stock markets have been resilient of late in line with their Asian peers, while we saw some correction in the US indices in the overnight trade, SGX Nifty quoting higher by 1.35% at around 6:28 am, India time indicates a gap-up opening yet again.
Nifty and Sensex are already gearing up to their all time highs with Nifty last closed at above 15108, while Sensex closing near 50,200. Indian markets have not largely bore the brunt of the brutal Covid 19 second wave with no deep sell off.
Now here below we list some of the stocks that will get direction today on stock specific news
1. Axis Bank:
The centre will further cut down its stake in the private sector lender which is held via SUUTI or Specified Undertaking of the Unit Trust of India through the OFS route. SUUTI will sell as many as 3.6 crore shares in the lender at a price of Rs. 680 per share. With this there shall be more float available in the market and the stock price of Axis Bank shall gather support. Axis Bank shares on Tuesday (May 18, 2021) closed at Rs.711.9 per share.
2. Canara Bank:
On expected lines, Canara Bank posted good quarterly and year-ended number for the FY ending 2021. In the March ended quarter, sequential rise was seen in total income of the bank which stood at Rs.21522 crores. Total PAT at the lender came in at Rs. 1010.87 crore versus the previous quarter's PAT of Rs. 696 crores and also in the same quarter a year ago, the lender posted a loss figure of Rs. 3259 crore. The scrip of Canara Bank can surge up to 10 percent during trade today ( May 19,2021).
3. Tata Motors:
Even though the domestic car major claims that it has a substantial order pipeline for personal vehicles, the stock failed in its quarterly performance of Q4FY21. The motown company posted a loss of Rs. 7605 crore on $2 billion JLR write off. The scrip may see weakness today even as it gained in the previous session, with Nifty Auto leading the list of gainers on a sectoral basis on May 18,2021
4. PSU Bank shall be in focus:
This is as Vijay Mallya, fugitive economic offender- the former Kingfisher head who owes a huge sum to the PSU lenders in India of nearly Rs. 12000 crore has lost a bankruptcy plea amendment in the UK. The move will hasten Vijay Mallya's extradition to India.
Also the sector shall gain traction as their earnings season has begun with Canara Bank announcing its results on Tuesday.