Stocks to Watch: Ola Electric, Wipro, NHPC, Axis Bank Among 10 Companies in Focus
Indian Stock Market Experiences Heavy Selling Pressure
The Indian stock market witnessed a decline on Monday, June 1, after opening on a positive note, as investors chose to book profits amid persistent concerns over elevated crude oil prices and the absence of any breakthrough in the Middle East conflict. The Sensex ended the session at 74,267, down 508 points or 0.68%, extending its cumulative decline over the past four trading sessions to 2,220 points.
The Nifty 50 also fell, down 165 points, or 0.70%, to close at 23,383, taking its four-session loss to nearly 650 points. The market is likely to continue its losing streak as trends in the Gift Nifty index signalled a negative opening on Tuesday, trading near the 23,312 mark, down over 150 points from the previous close of Nifty futures.
The prolonged tensions in the Middle East have kept global risk appetite restrained, prompting investors to adopt a more defensive stance amid concerns over regional stability and the broader implications for energy markets. As a result, the Indian equity markets are expected to open with a cautious undertone on Tuesday.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Stocks to Watch
Several stocks are likely to remain in focus on Tuesday due to their own positive/negative triggers. These include:
| Company | Trigger | Impact |
|---|---|---|
| Ola Electric Mobility | Qualified Institutional Placement (QIP) issue | Potential increase in investor interest |
| Wipro | Acquisition of additional stake in Aggne Global Inc | Potential increase in revenue |
| NHPC | Offer for Sale (OFS) in state-run NHPC Ltd | Potential increase in investor interest |
| Anant Raj | Memorandum of Understanding (MoU) with the Government of Haryana | Potential increase in investment |
| Axis Bank | Increase in stake in Axis Max Life Insurance Company | Potential increase in revenue |
| Eicher Motors | 15% year-on-year increase in sales for May | Potential increase in investor interest |
| Equitas Small Finance Bank | Approval from the Reserve Bank of India (RBI) for acquisition | Potential increase in investor interest |
| ACME Solar Holdings | Qualified institutional placement (QIP) to raise up to ₹2,800 crore | Potential increase in investor interest |
| PNC Infratech | Securing a Letter of Acceptance (LOA) from the Lucknow Development Authority | Potential increase in revenue |
| Fino Payments Bank | Strategic partnership with Ezee.ai | Potential increase in revenue |
These stocks are likely to remain in focus on Tuesday due to their own positive/negative triggers, and investors should keep a close eye on their performance.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Investor Takeaway
Investors should be cautious and book profits amid persistent concerns over elevated crude oil prices and geopolitical uncertainty.
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