Axis Bank, State Bank of India, Coal India, Sun Pharma, Kotak Mahindra Bank stocks in focus

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September 02, 2021 8:58 AM

Analysts say Nifty has formed a bearish candle which indicates that profit booking at higher levels could continue in the near future.

Axis Bank, State Bank of India, Coal India, Sun Pharma, Kotak Mahindra Bank stocks in focusAs the rally has been overstretched, markets may witness narrow range activity.

Nifty futures fell 14 points to 17,085.50 on Singaporean Exchange, indicating a negative start for BSE Sensex and Nifty 50 on Thursday, a day of weekly F&O expiry. Today’s weekly expiry may keep the stock markets choppy. Investors will watch stock-specific development, rupee movement, oil prices and other global cues. Analysts say Nifty has formed a bearish candle which indicates that profit booking at higher levels could continue in the near future. “However, the medium-term trend remains bullish. As the rally has been overstretched, markets may witness narrow range activity. For the trend following traders, the 16980-16950 level would be the key level to watch out for. On the flip side, 17150-17200 could act as an intraday resistance level. In case of intraday correction, contra traders can take a long bet near the support level of 16950 with a strict 35 points stop loss,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, said.

Stocks to watch

Axis Bank: The Reserve Bank of India (RBI) on Wednesday, imposed a monetary penalty of Rs 25 lakh on Axis Bank for violation of rules, the central bank said. The regulator cited contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016.

Equitas SFB: Equitas Small Finance Bank has launched an initiative enabling customers to book fixed deposits (FDs) on Google Pay in under two minutes without having to open a bank account. The offering was made possible by connecting application programming interfaces (APIs) built by fintech infrastructure provider Setu.

Coal India: The Union coal ministry said that Coal India (CIL) has initiated the process of retrofitting liquefied natural gas (LNG) kits in its dumpers, which will help it to cut diesel costs. CIL uses over 400 million litres of diesel per annum, with an annual expense of over Rs 3,500 crore.

Sun Pharma Advanced Research Company: SPARC has received board approval to raise up to Rs 1,800 crore. SPARC got the board’s approval to raise the funds through various modes including issuance of equity, convertible warrants, preference shares, bonds and debentures.

SBI: State Bank of India has raised Rs 4,000 crore of the Basel- compliant Additional Tier 1 (AT1) bonds. SBI raised the amount at a coupon rate of 7.72 per cent.

Kotak Mahindra Bank: With the execution of a Share Purchase Agreement by Kotak Mahindra Bank, for sale of 20 crore equity shares (8.57% shareholding on a fully diluted basis) of Airtel Payments Bank Limited to Bharti Enterprises Limited.

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