SBI, Vodafone Idea, Sterlite Power, Coal India, HUL, Nestle, Tata Steel stocks in focus

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October 19, 2021 8:09 AM

Domestic equity market benchmarks BSE Sensex and Nifty 50 were once again set to open at fresh highs on Tuesday, following a 7-day rally

SBI, Vodafone Idea, Sterlite Power, Coal India, HUL, Nestle, Tata Steel stocks in focusTechnical analysts say that after a strong rally on daily charts last week, the Nifty 50 has formed a Doji Star kind of formation which suggests a temporary overbought situation, but the short-term trend still looks positive.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were once again set to open at fresh highs on Tuesday, following a 7-day rally. In the previous session, headline indices posted record closing highs. S&P BSE Sensex settled 459 points or 0.75% higher at 61,765, while NSE Nifty 50 added 138 points or 0.76% to close at 18,477. Technical analysts say that after a strong rally on daily charts last week, the Nifty 50 has formed a Doji Star kind of formation which suggests a temporary overbought situation, but the short-term trend still looks positive. “We are of the view that due to overbought formation the bulls may take a caution stance near the 18600-18650 resistance level. For day traders, 18400 could be the trend decider level. Above the same, the uptrend formation will continue up to 18600-18650 levels. On the flip side, below 18400, a technical sell off up to 18350-18275 is not ruled out,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Stocks to watch

State Bank of India: The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1 crore on the country’s biggest lender State Bank of India (SBI) and a Rs 1.95 crore fine on Standard Chartered Bank for the violation of various guidelines. In another development, SBI has raised Rs 6,000 crore by issuing Basel III compliant bonds. In June, the bank had received approval from its central board for raising fresh additional tier 1 (AT 1) capital of up to Rs 14,000 crore.

Vodafone Idea: Telecom operator Vodafone Idea (VIL) and smart world and communication business of engineering and construction conglomerate Larsen and Toubro (L&T) have joined hands for a pilot project to test 5G-based smart city solutions, according to a statement. This is part of the ongoing 5G trials on government-allocated spectrum.

Sterlite Power: Sterlite Power on Monday said it has bagged Nangalbibra -Bongaigaon inter-state power transmission project worth Rs 324 crore.”Sterlite Power, a leading private sector power transmission infrastructure developer and solutions provider, has been awarded the Nangalbibra-Bongaigaon interstate power transmission project worth Rs 324 crore through tariff-based competitive bidding (TBCB) by virtue of emerging as the L1 bidder,” a company statement said.

Coal India: Coal India’s (CIL’s) escalating supplies to the power sector have started building up stocks at the plant heads and it is expected to improve to 8 days around Diwali. This would bring out the power plants, dependent on CIL supplies, from a critical stock situation. The increasing supplies have also impacted the power market bringing the average spot power prices down to `3.76 a unit from `14 a unit a week ago.

Q2 results today: BSE-listed companies Hindustan Unilever Ltd (HUL), Nestle India, ICICI Pru Life Insurance, L&T Technology Services, ACC, ICICI Securities, Navin Fluorine International, DCM Shriram, Jubilant Ingrevia, Tata Steel BSL, Sonata Software, and Network 18 Media & Investment among others are scheduled to announce their second-quarter earnings today.

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