scorecardresearchStocks To Watch: Lemon Tree Hotels, NTPC, Alkem Laboratories, Bharat Forge

Stocks To Watch: Lemon Tree Hotels, NTPC, Alkem Laboratories, Bharat Forge are stocks in news today

Updated: 15 Sep 2023, 08:58 AM IST
TL;DR.

India's GIFT Nifty on the NSE International Exchange was up 0.10% at 20,238.50 at 8:00 a.m.

India's Nifty 50 and Sensex have gained nearly 1.5% each this week so far and hit new record highs in the previous session.

India's Nifty 50 and Sensex have gained nearly 1.5% each this week so far and hit new record highs in the previous session.

(Reuters) Indian shares are set to open higher on Friday, tracking Asian peers, as stronger-than-expected macroeconomic data from China and easing U.S. rate concerns aided sentiment.

India's GIFT Nifty on the NSE International Exchange was up 0.10% at 20,238.50 at 8:00 a.m.

Asian equities rose on Friday after data showed that August industrial output and retail sales growth in China beat expectations.

Wall Street equities closed higher overnight, on rising expectations of a U.S. Federal Reserve rate pause in its upcoming policy meeting on September 20.

India's Nifty 50 and Sensex have gained nearly 1.5% each this week so far and hit new record highs in the previous session. Both the benchmarks are on course to extend gains for the third consecutive week.

The more-domestically focussed small- and mid-caps have witnessed high volatility, logging gains for two sessions in a row after posting their worst session in 2023 on Tuesday.

While the outlook for Indian markets remained positive on the back of strong macroeconomic data, there is no scope for a runaway rally in the benchmarks due to elevated valuations, said analysts. They also cautioned of a likely correction in the broader markets after the recent rally.

Small- and mid-caps have gained 31% and 29% in 2023 so far, outperforming the 11% rise in the Nifty 50 and Sensex.

Brent crude futures rose to a 10-month high of $94.16 per barrel on supply cuts and China's measures to boost demand.

Rising crude oil prices hurt India, where the commodity accounts for a significant share of the import bill. [O/R]

Foreign institutional investors bought 2.95 billion rupees ($35.53 million) worth of shares on a net basis on Thursday, while their domestic counterparts sold 508 million rupees worth of shares, exchange data showed.

Stocks to watch

** NTPC: State-owned power producer signs supplementary joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam to develop two thermal projects int he state.

** Alkem Laboratories: Drug maker says income tax department conducted a survey at the company's offices, subsidiaries.

** Bharat Forge: Co and its unit Kalyani Strategic Systems sign a deal to produce armoured vehicles in India for clients of global defence company Paramount.

** Lemon Tree Hotels: Co signs license agreement for two new properties in Gujarat and Nepal.

 

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First Published: 15 Sep 2023, 08:58 AM IST