Stocks in focus: Reliance Communications, HDFC Bank, State Bank of India, UltraTech Cement, IndiGo
Domestic airline carriers could see some positive movement today. Airlines in India have now been allowed to increase their capacity to 80%.
Sensex and Nifty continued to trade range bound on Thursday, even after reaching fresh all-time highs. “A reasonable negative candle was formed at the new highs and the market is now placed at the edge of the support of previous swing highs of 13140-13130 levels as per the concept of change in polarity. But, failed to show any convincing upmove from the support. This action could be a cause of concern at the highs,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that the short-term trend continues to remain positive with support at 13,000.
Stocks in focus:
Reliance Communications: The company informed the bourses that the Mumbai Bench of NCLT has approved the resolution plan of Reliance Infratel, a subsidiary of Reliance Communications. The lenders of RCom will get Rs 4,400 crore under the resolution plan, according to reports.
HDFC Bank: India’s most valuable bank has been pulled down by the banking regulator RBI. HDFC Bank was ordered to stop issuing new credit cards and halt digital launches in the wake of repeated service outages on its digital platforms. Shares of the bank closed over 2% lower on Thursday.
State Bank of India: The largest public sector bank also reported a service outage on its digital banking application YONO. SBI took to Twitter to inform customers about the disruption.
InterGlobe Aviation, SpiceJet: Domestic airline carriers could see some positive movement today. Airlines in India have now been allowed to increase their capacity to 80% from the current 70%. This will enable airlines to sell more tickets and generate more revenue.
Bank stocks: Banking stocks will be in action today as the Reserve Bank of India’s (RBI) MPC concludes its three-day meet. The MPC is expected to keep rates unchanged in its last meet of this calendar year. However, eyes will be glued on what the MPC says about inflation and India’s growth trajectory.
UltraTech Cement: On Thursday the firm announced a Rs 5,477 crore plan aimed towards increasing its capacity by 12.8 million tonne per annum with a mix of brownfield and greenfield expansion. Post completion of the latest round of expansion, UltraTech’s capacity will grow to 136.25 MTPA.
Sudarshan Chemicals Industries: On Thursday Archana Anuj Rathi and NJR Finance Private Limited sold over 18 lakh shares shares of the firm while Fidelity Funds – Pacific Fun bought 5.68 lakh equity shares of the company.