"Domestic benchmarks continued to trade with a minor cut. However, some optimism was evident in the equity market given global efforts to stabilise the West Asia conflict, which deescalated crude prices trend," said Vinod Nair, Head of Research at Geojit Financial Services.
On the stock-specific front, Tata Motors, Airtel, Paytm, Tejas Network, HCL Techmologies, Zomato and some other counters will be in focus today
Tata Motors and Freight Commerce Solutions Pvt Ltd (Freight Tiger) have signed a securities subscription agreement and a shareholders agreement for the acquisition of 26.79% stake in Freight Tiger for a consideration of Rs 150 crore. The carmaker said the securities agreement also includes a provision enabling Tata Motors to further invest Rs 100 crore over the next two years, at the then prevailing market value. The stock settled with marginal gains of 0.01% at Rs 668.45.
Bharti Airtel has collaborated with Amdocs to accelerate digital transformation. Also, Airtel and Ericsson have successfully tested India's first RedCap technology on 5G network. The stock fell 1.06% to close at Rs 942.70 in the previous session.
SoftBank may sell stake in Zomato, a news report, citing sources, suggested. The stock fell 1.33% to close at Rs 111.70.
Shares of One 97 Communications, Paytm's parent, rose 2.18% to settle at Rs 968.70. The digital payments firm will anounce its second-quarter (Q2) for the financial year 2023-24 (FY24) earnings today.
Shares of JSW Steel settled with 0.45% losses at Rs 780.85. The company will also report its second-quarter (Q2) earnings for FY24 today.
Companies such as Central Bank of India, CSB Bank, Hindustan Zinc, J&K Bank, Just Dial, L&T Finance Holdings and Lloyds Engineering Works will announce their respective quarterly results today as well.
Shares of Tejas Network settled with 1.22% gains at Rs 888.90. The company said it has received an order from Tata Consultancy Services (TCS) worth Rs 107.73 crore to supply of equipment for BSNL's Pan-India 4G/5G network. Tejas is also scheduled to announce its Q2 FY24 earnings today.
Shares of HCL Technologies shed 0.15% to end at Rs 1,267.50. This stock will too trade ex-dividend today. The IT firm has announced an interim dividend of Rs 12.
Shares of Dalmia Bharat fell 1.16% to close at Rs 2,205. This stock will also trade ex-dividend today. It has announced an interim dividend of Rs 4.
Anand Rathi Wealth shares rose 0.36% to close at Rs 1,891.95. The stock will trade ex-dividend today as well. It has declared an interim dividend of Rs 5. Bourses have put the securities of Anand Rathi under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Shares of Angel One gained 1.56% to close at Rs 2,198 on Thursday. The company has announced an interim dividend of Rs 12.7. And, the counter will also trade ex-dividend today.
"Nifty is trading near the 50-day SMA (Simple Moving Average). For the traders now, the 50-day SMA or 19,625 would act as a trend decider level. Above the same, we could see a technical bounce back till 19,700-19,735 levels. On the flip side, if it slips below 19,625, then 19520-19480 levels may be tested," said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities.
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