GIFT Nifty traded down by 40 points or 0.16% at 24,450 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Wednesday July 10, 2024.
Market Opening Outlook
- GIFT Nifty: Indicated a negative opening for the Indian equity indices NSE Nifty 50 and BSE Sensex, with a decline of 40 points or 0.16% to 24,450.
- Previous Day Close: NSE Nifty 50 closed up by 112.65 points or 0.46% at 24,433.20, while BSE Sensex gained 391.26 points or 0.49% to 80,351.64 on Tuesday.
Stocks in Focus
Wipro
- Legal Resolution: Resolved a lawsuit with former CFO Jatin Dalal, involving a payment of $505,087 according to a US SEC filing.
ONGC (Oil and Natural Gas Corporation)
- Investment Plans: Announced plans to invest Rs 2 lakh crore for renewable energy projects and green hydrogen plants to achieve net-zero carbon emissions by 2038.
RVNL (Rail Vikas Nigam Limited)
- Project Bid: Emerged as the lowest bidder for a project worth ₹202.87 crore from South Eastern Railway for a traction substation project.
Reliance Industries
- Product Launch: Introduced JioTag Air, an asset tracker designed to track valuables and pets.
Mahindra & Mahindra
- Special Pricing: Announced celebratory pricing for the AX7 range ahead of the XUV700’s upcoming three-year anniversary.
Delta Corp
- Financial Performance: Reported a significant decline in net profit and revenue for Q1 FY24 compared to the previous year.
Delhivery
- Stake Sale: Canada Pension Plan Investment Board to sell its entire 3.18% stake through block deals valued at Rs 886 crore.
Infosys
- Strategic Collaboration: Announced a five-year collaboration with Sector Alarm to migrate its ERP platform to Microsoft Dynamics 365 Finance and Operations.
Bansal Wire Industries
- Market Debut: Expected to debut strongly with a listing premium anticipated at around 30% above the issue price of Rs 256 per share.
Emcure Pharmaceuticals
- Market Debut: Expected to debut with a premium in the grey market, indicating potential gains of approximately 33.73%.
Conclusion
The stock market outlook suggests a cautious start with negative indications from GIFT Nifty, contrasting with recent gains. Key stocks like Wipro, ONGC, and RVNL are likely to draw investor attention due to significant developments and announcements. Market participants will monitor these stocks closely along with broader economic indicators for further market direction throughout the trading session.
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