Stocks In Spotlight 11 July 2024: Five Stocks To Track Today

Ahead of the opening bells on 11 July 2024, here are the stocks that you can track today.

New Delhi: Markets closed in the red on Wednesday amid profit booking in the broader market.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd, "“The Nifty opened flat to a positive note on Wednesday in line with global markets, but thereafter the index has witnessed profit booking and remained under pressure. Finally, Nifty settled the day on a negative note at 24,324. Technically, the index has engulfed yesterday’s bullish candle and formed a hanging man candle near the all-time high. According to this pattern, 24,461 will act as a short-term hurdle for the index. On the downside, 24,200 and 24,000 will act as good support for the index."

"The Bank Nifty opened on a negative note and remained under pressure throughout the day. Finally, Bank Nifty settled the day on a negative note at 52,189 levels. Technically, on a daily scale, the Bank Nifty is currently placed near the lower end of the short-term consolidation zone (52,000-53,360). If Bank Nifty maintains its 52,000 support level, a relief rally is probable. On the flip side, sustenance below 52,000 levels could trigger further weakness in Bank Nifty,” he added.

Meanwhile, ahead of the market opening today, as per Zeebiz Tata Elxsi, SBI, Power Grid, TCS are likely be in focus today.

1. SBI

State Bank of India (SBI), the country’s largest lender, raised Rs. 10,000 crores today at a coupon rate of 7.36% through its sixth infrastructure bond issuance. The issue attracted overwhelming response from investors with bids in excess of Rs. 18,145 crores and was oversubscribed by around 3.6 times against the base issue size of Rs. 5,000 crores.

2. Powergrid

Powergrid Board Of Directors have borrow funds of upto Rs.16,000 Crore during the financial year (FY) 2025- 26 through various sources including Domestic Bonds (Secured/ unsecured, non-convertible, non-cumulative, redeemable, taxable/tax-free under private placement); and ii. enhance the current borrowing limits from existing Rs. 12,000 Crore to Rs. 15,000 Crore during the financial year 2024-25 through issue of secured / unsecured, non-convertible, non-cumulative, redeemable, taxable / tax-free Bonds under Private placement from Domestic / other sources.

3. Asian Paints

In reference to the news item published/broadcast regarding the price hike taken by Asian Paints, the we confirmed that, in the routine course of business, the Company has taken price increase of ~1% at portfolio level, with effect from 22nd July 2024.

4. Tata Elxsi 

Tata Elxsi's net profit for the April-June period declined 6.5 per cent sequentially to Rs 184.1 crore, according to a regulatory filing.

5. Tata Consultancy Services

Tata Consultancy Services (TCS) all set to report its financial results for the April-June period today.