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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday amid cautiousness after witnessing a severe crash in the previous session.
The Lok Sabha election results in 2024 came as a negative surprise for the Indian stock market as the ruling BJP fell short of a full majority in the lower house of the parliament. However, Prime Minister Narendra Modi will return to power for the historic third consecutive term but with a lower margin.
Gift Nifty was trading around the 22,040 level, a premium of nearly 130 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
The US stock market ended higher on Tuesday after softer labor market data increased bets of a US Fed rate cut.
The Dow Jones Industrial Average gained 140.26 points, or 0.36%, to 38,711.29, while the S&P 500 rose 7.94 points, or 0.15%, to 5,291.34. The Nasdaq Composite ended 28.38 points, or 0.17%, higher at 16,857.05.
Asian markets traded mixed on Wednesday tracking overnight gains on Wall Street. Japan’s Nikkei 225 fell 1.14%, while the Topix declined 1.4%. South Korea’s Kospi gained 0.63% and the Kosdaq rose 0.21%. Hong Kong’s Hang Seng index futures indicated a weaker opening.
STOCKS TODAY
Ashoka Buildcon: Stock price surged 6.5 percent after the company emerged as the lowest bidder for two projects worth Rs 2,153 crore awarded by the Maharashtra State Road Development Corporation.
Suzlon Energy: Suzlon shares jumped 5 percent after international brokerage Morgan Stanley issued an ‘overweight’ tag to wind energy player Suzlon Energy, with a target price of Rs 58.5 per share. This indicated an upside of 22 percent, as Suzlon is well-positioned to benefit from the move to greener, cleaner energy.
PNC Infratech: Share of infrastructure company climbed over 5 percent after it informed exchanges that its subsidiary, PNC Kanpur Highways Ltd, has received a payment of Rs 390.62 crore from the National Highways Authority of India (NHAI) as part of a settlement agreement.
IRB Infrastructure: Shares leaped over 10 percent on reports that the center is likely to increase road toll charges between 3 percent and 5 percent after putting the annual increase on hold in April due to the country’s general elections, CNBC TV-18 reported.
Shipping Corporation of India: Shares surged 4.5 percent following reports that the plans to divest stake in the two companies were on the first 100-day agenda of the BJP-led NDA. As per a report by CNBC Awaaz, citing sources, the new government, which is likely to be formed by the NDA if exit polls are anything to go by, is likely to focus on disinvestment in its first 100 days in office.
GlaxoSmithKline Pharmaceuticals: Shares of the bucked market trend to fall 4 percent. The fall came after a Delaware judge allowed more than 70,000 lawsuits alleging that its British parent GSK’s discontinued heartburn drug Zantac caused cancer, to go forward.