HUL, Nestle India, Reliance Industries, HCL Tech, Nestle, PSBs, Adani group stocks in focus

Analysts say that markets may witness a select bout of profit taking after the recent upsurge

BSE Sensex and Nifty 50 were set to start in the positive territory on Wednesday, a day before weekly F&O expiry. In the previous session, headline indices paused the 7-day winning streak and settled in the red. day. S&P BSE Sensex finished 50 points or 0.08% lower at 61,716, while NSE Nifty 50 ended the day at 18,418. Analysts say that markets may witness a select bout of profit-taking after the recent upsurge. “On daily charts, benchmark Nifty has formed a Bearish Candle formation which is broadly negative. In addition, on intraday charts, the index has formed a lower top formation which also indicates intraday weakness. For day traders, 18550-18600 levels would be the immediate hurdle and below the same the correction wave could continue up to 18350-18300,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

Stocks to watch

L&T Finance Holdings, Jubilant FoodWorks: BSE-listed companies such as Jubilant FoodWorks, Havells India, L&T Finance Holdings, Angel Broking, Arihant Superstructures, Deep Polymers, Hathway Cable & Datacom, Just Dial, Menon Bearings, Moschip Technologies, Reliance Industrial Infrastructure, Rane (Madras), Shoppers Stop, Snowman Logistics, Supreme Petrochem, Suryalakshmi Cotton Mills, Syngene International, TajGVK Hotels & Resorts, Tata Communications, Tata Steel Long Products, Tejas Networks, and TT Ltd, were scheduled to announce their second quarter earnings today.

Hindustan Unilever: HUL reported broad-based growth across categories during the July-September quarter, as mobility improved on the back of the government’s vaccination drive and lower infection rates. Even though rural demand saw some moderation due to the base effect, urban demand held up. In some categories, demand went past pre-Covid levels.

Reliance Industries Ltd: RIL’s Reliance Retail Ventures Ltd (RRVL) has acquired a 52 per cent stake in veteran couturier Ritu Kumar’s firm Ritika Pvt Ltd for an undisclosed amount. “RRVL’s majority equity acquisition in Ritika Pvt Ltd included completely acquiring Everstone’s 35 per cent stake in the company,” a joint statement said.

HCL Tech: HCL Technologies and Innovaccer Inc have partnered to help healthcare and life sciences organisations drive digital health transformation.

Public sector bank stocks: The finance ministry has advised state-run banks to start a nationwide loan outreach programme soon and take advantage of a potential rise in credit demand in the build-up to Diwali and thereafter, as the economy is on a path of sustained recovery, sources told The Financial Express.

Nestle India: FMCG major Nestle India reported a 5.15 per cent rise in net profit at Rs 617.37 crore for the third quarter ended September 2021, driven largely by a high single-digit volume and mix growth in the domestic market across brands.

Adani group stocks: Port-to-energy conglomerate Adani Group will invest over USD 50-70 billion in renewable energy value chain over the next decade and the group firms have committed 70 per cent of planned capex until 2030 to the energy transition, its billionaire chairman Gautam Adani said on Tuesday.