Avani Bhatt, Senior Vice-President of Equity Derivatives Research at JM Financial, on Monday shared her views on select stocks, ranging from the renewable energy sector to the IT services space. When asked about Suzlon Energy Ltd shares, the market expert said existing investors can hold on to their positions. "Those holding the stock can continue with their positions. On the higher end, it can see Rs 95 levels. With that being said, fresh entry is not advised at current market price," she told Business Today. Suzlon shares were last seen trading 0.32 per cent up at Rs 65.36.
For Cochin Shipyard Ltd, Bhatt said, "Consolidation has begun in this stock. If you look at the last five days' data, there's no new low made. Recovery may still take a lot of time but one can start investing, even at current levels. It will be a gradual rally on the upside." Shares of Cochin Shipyard jumped 4.81 per cent to trade at Rs 1,361.
In response to a query on Indian Renewable Energy Development Agency (IREDA) Ltd, the market specialist said, "One should only enter the counter if its closes above Rs 193. Otherwise, there is still a possibility of another round of selloff and it can come down to Rs 180-183 levels." IREDA's stock was up 3.26 per cent at Rs 191.60.
Answering a question on Tata Technologies Ltd shares, Bhatt stated that there is no trend reversal seen yet. "But, there are indications that the downside may be restricted. The scrip is trading at the lower band and may not go down further. So, just patiently hold and whenever the tide turns around, I think the stock will start moving up," she suggested. Tata Tech shares were up 0.71 per cent at Rs 947.85.
Meanwhile, Indian equity benchmarks rose sharply today, supported by gains in across all sectors. The 30-share BSE Sensex pack surged more than 1,350 points to top 80,450 level, while the broader NSE Nifty index moved around 450 points to trade above 24,350.
Such was the rise in the domestic bourses that over Rs 8.6 lakh crore of BSE market capitalisation (m-cap) was generated. Investor wealth, as suggested by the BSE m-cap, rose Rs 8.65 lakh crore to Rs 441.37 lakh crore today compared with a valuation of Rs 432.71 lakh crore recorded yesterday.
All the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty FMCG, Nifty Consumer Durables and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.88 per cent, 1.65 per cent, 1.17 per cent, 0.95 per cent, 1.23 per cent and 2.94 per cent.
The overall market breadth was strong as 2,805 shares were advancing while 1,132 were declining on BSE.
Foreign institutional investors (FIIs) sold Rs 1,278.37 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 1,722.15 crore worth of shares, exchange data showed.