Watch out for these stocks for Monday’s trading session.
On Friday, the benchmark indices made a gap-down opening and settled in red for the third consecutive session. The weak global cues and FIIs being heavy sellers affected the market mood on the last day of the week. Sensex settled 1,020.80 points or 1.73 per cent lower at 58,098.92 while Nifty plunged 302.50 points or 1.72 per cent to be at 17,327.30.
Power Grid Corporation, Apollo Hospitals, Hindalco Industries, Adani Ports, and SBI turned out to be among the Top Losers on Nifty. On the flip side, the gainers included Divi’s Laboratories, Sun Pharma, Tata Steel, Cipla, and ITC. All the sectors faced the selling brunt with capital goods, power, realty, and bank rattling 2 to 3 per cent each.
Watch out for these stocks for Monday’s trading session –
Zydus Lifesciences – The company has entered into a share purchase, subscription, and shareholder’s agreement (SPSSA) to acquire up to an 11.86 per cent stake in AMP Energy Green Nine. AMP, a wholly-owned subsidiary of AMP Energy C&I Private Limited is a special purpose vehicle formed for purpose of setting up a captive wind-solar hybrid power project in Gujarat. The shares of Zydus Lifesciences closed 1.78 per cent lower on BSE.
Sterling & Wilson – Sterling and Wilson Solar Solutions, a wholly owned step-down subsidiary of Sterling & Wilson Renewable Energy has signed a memorandum of understanding with the Government of Federal Republic of Nigeria. The MoU is to deliver the development, design, construction, and commissioning of solar photovoltaic power plants. The shares of Sterling & Wilson Renewable Energy gained up to 4 per cent on an otherwise red day for the market.
Mahindra & Mahindra Financial Services – After Reserve Bank of India (RBI) directed the company to immediately cease any recovery or repossession activities via outsourcing till further orders, the company’s shares crashed 14 per cent on an intraday basis. RBI asserted in its statement that the action is based on certain material supervisory concerns observed in the said non-banking finance company (NBFC) with regard to the management of its outsourcing activities. This stock is likely to be focussed on by investors on Monday.
Price volume breakout stocks – On a deep red day for the markets, some of the stocks that ended in green and also, witnessed price volume breakout were Narayana Hrudayalaya, Teamlease Services, and AIA Engineering. These stocks are likely to be on investors’ watchlist for Monday.