Based on the OI percentage, 64 stocks were on the short-covering list. These included Bharti Airtel, Axis Bank, Laurus Labs, Torrent Pharmaceuticals, and Jubilant Foodworks. A decrease in OI along with a price increase is an indication of short-covering.
Stocks in focus today: Indian stock market could remain subdued given the gloomy global environment. Stock-specific action is likely to continue in the market with the ongoing result season. Bharti Airtel, Sun Pharma, Titan Company, Adani Wilmar, IndiGo, Zomato among stocks in news on Thursday, August 3, 2023.
Analysts remain selective on cement stocks amid the likely government s capex push ahead of the scheduled general elections in May 2024.
While UBS has initiated coverage on the Indian cement sector with an anti-consensus negative view and suggests investors sell select cement stocks on a rally, those at Nomura remain selectively bullish on the sector and prefer companies with large brownfield optionality and multi-region presence.
In the near-term, UBS expects strong earnings of cement companies in the next two quarters to be driven by robust demand and margin tailwinds, but suggests any sharp uptick in stock prices could offer a good opportunity for booking profits in the related counters.