NIFTY50, SENSEX open flat: Voltas, Havells, Infosys, Aditya Birla Fashion are key stocks to watch
Upstox
2 min read • Updated: April 2, 2024, 11:27 AM
Summary
Indian markets trade in range ahead of RBI policy decision on April 5. Consumer durable stocks will remain focused after IMD’s prediction of an above-normal summer season this year.
Indian markets open on a muted note ahead of the RBI MPC meeting from April 3 to April 5. The NIFTY 50 index opened 30 points lower after making a new high of 22,529 on Monday, while Sensex is trading 140 points lower below the 74,000 mark.
Broader market indices, the NIFTY Midcap 100 and Smallcap 100 are trading positive with 0.30% gains at the opening on Tuesday. The broader indices have shown a strong recovery from their recent lows posted in mid-March.
On the sectoral front, NIFTY Media (0.88%) and Consumer Durable (1.9%) remain the top gainers in the morning session, with gains up to 0.7%. At the same time, NIFTY IT remains the top loser with 0.5% losses on Tuesday morning.
Stocks to watch
Infosys
Infosys received a tax demand notice from the Income Tax department for the assessment year of 2021-22 for ₹341 crore. In addition, the company’s one of the subsidiaries received a refund order of ₹15 crore for the assessment year of 14-15.
Consumer durable stocks
All major consumer durable stocks will remain in focus as IMD predicted above-normal temperatures during this summer and longer heat waves from April to June. Blue Star (+3.4%), Havells (+2.4%), Voltas (+3.4%), Amber enterprises (+2.3%)
Aditya Birla Fashion
The company’s board has approved the demerger of Madura Fashion & Lifestyle business from Aditya Birla Fashion into a separate listed entity. Following this, the stock is trading 10.4% higher on the NSE.
South Indian Bank
The South Indian Bank reported robust yearly business updates with a nearly 11% rise in advances and deposits for FY24.