Indian equities after being resilient gave up gains yesterday to end below 50,000 on the Sensex and even dropped down to 15,030 points on the Nifty. SGX Nifty at around 7:16 am quoted lower by 0.25% indicating gap down opening for the Indian stock markets.
Asian peers meanwhile also felt impact of Dow's losses in the previous session where it ended lower. Most of the Asian markets including Hang Seng, Jakarta Composite, Kospi among others traded with losses of over 1 percent, with only Straits Time leading the list of gainers.
So, here are listed out some of the stocks that will see action today:
SBI is set to announce its quarterly and year ended FY21 results on May 21. The defeat of Vijaya Mallya in the UK court at one end may be a positive for PSU Banks as it may expedite his extradition. Also, after Canara Bank has posted good numbers, SBI may also be coming up with good results which may boost the stock higher
2. Gland Pharma:
Ever since its listing last year, the pharma stock that at first drew criticism on account of its China connection has climbed to a new high. With brokerages setting a new target price, the stock movement in the counter of Gland Pharma will be watched out for.
Motilal initially gave the target of Rs. 3280 which has been breached. Last the stock closed at Rs. 3341 per share on the NSE.
This PSU oil retailing company in its results announced on May 19 posted a PAT of Rs. 8781 crore, doubling in comparison to the previous quarter. At a time when state-run stocks have been gaining traction, we may see momentum building in this stock. IOC in the last session ended at its 52 week high price of Rs. 108.95 per share on the NSE.
Biotech company has been penalized by SEBI with a fine of Rs. 14 lakh. The fine implications arise for both the company and its designated person and is in lieu of violation of market norms. The fine of Rs. 5 has been imposed on Narendra Chirmule, employed with the company as Senior VP-R&D, for trading in the company's scrip when the window for trading closed.
5. Fertiliser Stocks
There has been a sharp run up in some of the stocks from the pack say for instance in Deepak Fertilisers which has been trading close to its 52-week high price. Now, as the government is keeping farmers' interest at the forefront in the pandemic, it has announced increased subsidy for di-ammonium phosphate fertiliser when key agriculture input cost is rising in the international market.
Subsidy for the fertiliser shall be increased to Rs. 1200 per bag from Rs. 500 per bag.