Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative start on Monday, as suggested by trends on SGX Nifty in early trade. Nifty futures were down 27.50 points or 0.2 per cent to 17,715.5 on Singaporean Exchange. Indian stock market began the new financial year 2023 with a bang, ending the first day at two-month highs. Asian stock markets, GST ollection, lower oil prices mainly aided the gains in the indices. “Almost all the sectors are contributing to the rebound now however the contribution of the banking pack is critical for Nifty to test the 17,800-18,100 zone ahead. Participants should align their positions according and avoid contrarian trades,” Ajit Mishra, VP Research. Religare Broking, said.

Stocks to watch

RIL, ONGC, Oil India: The profitability of upstream oil and gas companies Oil and Natural Gas Corporation (ONGC), Oil India and Reliance Industries (RIL) is seen rising in FY23 on the back of a 110% hike in domestic natural gas price to $6.1/mmBtu, said analysts at Morgan Stanley. While the margins of city gas distribution (CGD) companies – Indraprasth Gas, Mahanagar Gas and Gujarat Gas – would contract despite CNG and PNG being still more competitive to petrol, diesel and LPG.

Hindustan Copper: Hindustan Copper (HCL) has drawn up a plan to expand its copper ore capacity by five times to 20.2 million tonne per annum (mtpa) at a cost of Rs 5,500 crore.

HDFC Bank: HDFC Bank on Sunday said its advances grew 20.9% year-on-year (y-o-y) and 8.6% on a sequential basis to Rs 13.69 trillion as of March 31, 2022. Deposits of the bank grew 16.8% y-o-y and 7.8% sequentially to Rs 15.59 trillion.

Infosys: Infosys is shifting its services from Russia to its other global delivery centres, according to sources. The move comes amid mounting pressure on UK Chancellor Rishi Sunak, who has been fielding some tough questions lately over the Russian presence of Infosys, a company in which his wife, Akshata Murty, has a share.

Tata Power: Tata Power on Friday said it has received the National Company Law Tribunal’s (NCLT) approval to merge its wholly-owned subsidiary Coastal Gujarat Power (CGPL) with itself.

Wipro: Wipro collaborated with University of South Carolina and Indian Institute of Technology, Patna to advance artificial intelligence (AI)-led innovation.

TVS Motor Company: TVS Motor’s subsidiary TVS Motor (Singapore) Pte Ltd has acquired a 70 per cent stake in United Kingdom-based EBCO for 1,163,070 pounds.

Maruti Suzuki: Maruti Suzuki India aims to sell 4-6 lakh CNG units in the current fiscal year depending upon supply situation of essential components.