Nifty futures were trading 84 points or half a per cent down at 17,356.50 on Singaporean Exchange on Monday. In the previous session, Sensex closed 54.81 points higher at 58,305 while Nifty 50 added 15 points to end at 17,369. Investors will keep a close tab on rupee-dollar trend, Brent crude and Foreign institutional investors (FIIs) movement. Analysts say valuations are also moving beyond comfort zones and hence could lead to bouts of profit booking and increase in volatility. “But the overall sentiment in the domestic market remains positive, supported by improving economic data and positive earnings expectation,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, said.
Stocks to watch
Bharti Airtel: Reliance Jio’s low-cost smartphone, which it is developing in partnership with Google, might be delayed to a Diwali launch, but will definitely hit the markets this year. However, rival Bharti Airtel continues to stoutly resist any temptation of getting into a subsidy-led handset business.
Reliance Industries Ltd (RIL): Jio and Google announced that they have made considerable progress towards launching the much-awaited JioPhone Next, the made-for-India smartphone being jointly designed by the companies. Both companies have begun testing JioPhone Next with a limited set of users for further refinement and are actively working to make it available more widely in time for the Diwali festive season.
Wipro: Wipro Chairman Rishad Premji on Sunday said its leaders will start returning to office from Monday after 18 months of work from home amid the COVID-19 pandemic. “After 18 long months, our leaders Wipro are coming back to the office starting tomorrow (twice a week). All fully vaccinated, all ready to go safely and socially distanced,” Premji said in a tweet. He also shared a video about the COVID-19-related safety protocols, including temperature checks and QR code scans, that have been put in place at the Wipro office.
Zomato: Online food delivery platform Zomato has decided to stop its grocery delivery service from September 17 mainly on account of gaps in order fulfillment leading to poor customer experience, marking its exit from the segment for the second time since last year.
Godrej Consumer Products: FMCG major Godrej Consumer Products Ltd (GCPL) is looking at clocking a double-digit growth in the current fiscal with expansion across segments, according to a company official. The Godrej group firm has taken multiple initiatives to tap the potential of the new age channels such as e-commerce along with chemist and pharmacy stores that have emerged as important touchpoints for the customer buying FMCG products, after the pandemic.
Petronet LNG: Petronet LNG Ltd, India’s largest gas importer, is looking to reclaim the lost opportunities of the past decade as it seeks fresh foray into the petrochemical business and plans to set up an LNG import facility on the east coast. Oil Secretary Tarun Kapoor, who is also the Chairman of Petronet, in the firm’s latest annual report said the company is looking at setting up a floating terminal at Gopalpur port in Odisha and “is embarking upon a major diversification drive to broad base its business activity and is exploring to have an ethane/ propane import facility at Dahej terminal”.