Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, on Thursday picked HCL Technologies Ltd as one of his top picks. Going by technical charts, one can buy the stock for a target price of Rs 1,375, keeping a stop loss at Rs 1,318, Bhagwat told BT TV. HCL Tech today edged 0.07 per cent lower to trade at Rs 1,328.55 in early deals.
Bhagwat also suggested that the automobile sector might do well in the near term. "Maruti Suzuki India Ltd will be the stock from the select space on my radar," the market expert said. Maruti was down 0.58 per cent at Rs 10,435.05.
When asked about JSW Energy Ltd, the market veteran said the stock is well poised for a target of Rs 442. Support on the counter could be seen at Rs 410, he mentioned. JSW Energy was up 0.29 per cent at Rs 419.45.
Meanwhile, Indian equity benchmarks were up today amid a volatile trade. Broader indexes (mid- and small-cap shares) were also positive.
Foreign institutional investors (FIIs) sold Indian shares worth Rs 307 crore in the previous session, on a net basis, while domestic institutional investors (DIIs) bought shares worth Rs 721 crore.
Nine out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank and Nifty Auto were outperforming the NSE platform by rising as much as 0.33 per cent and 0.25 per cent, respectively. However, Nifty Pharma shed 0.92 per cent.
On the stock-specific front, Hero MotoCorp was the top gainer in the Nifty pack as the stock jumped 2.94 per cent to trade at Rs 3,513.95. Bajaj Auto, Eicher Motors, IndusInd Bank and Adani Ports gained up to 2.93 per cent.
In contrast, Cipla, Hindalco, UltraTech Cement, Divi's Labs and PowerGrid were among the top laggards.
The overall market breadth was positive as 2,061 shares were advancing while 1,285 were declining on BSE.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
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