Mayuresh Joshi, Head-Equity Research at William O'Neil India, on Friday said one needs to be selective while putting in fresh money at current high levels. On the stock-specific front, the market expert selected NCC Ltd as one of his top picks for the day. "The stock has doubled from its lows in a year. The company's management is very optimistic about its future prospects, expecting a revenue growth of around 22-25 per cent year-on-year (YoY). NCC's order book is very strong," Joshi told Business Today TV.
The NCC counter was last seen trading 1.84 per cent higher at Rs 176.95 today.
The other stock which the market expert suggested was Easy Trip Planners Ltd. "Easy Trip has been a major unperformer over the last one year. The stock has now showed some reversal trend. Size of the online trading platform is expected to double over the next 4-5 years," Joshi stated.
Easy Trip was up 0.20 per cent to trade at Rs 40.13.
Meanwhile, Indian equity benchmarks continued to rise and touched their fresh all-time high levels today. The domestic indices were up led by strong gains in metals and information technology (IT) stocks. The 30-share BSE Sensex pack surged 339 points to hit a lifetime high of 70,853.56 while the broader NSE Nifty index moved 115 points up to touch a record high of 21,298.15. Broader market (small- and mid-cap shares) were also positive.
Foreign portfolio investors (FPIs) bought Indian shares worth Rs 3,570.07 crore on a net basis during the previous session and domestic institutional investors (DIIs) purchased shares worth Rs 553.17 crore.
13 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Metal and Nifty IT were outperforming the NSE platform by rising as much as 1.43 per cent and 0.81 per cent, respectively. However, Nifty Financial Services slipped today.
On the stock-specific front, Hindalco was the top gainer in the Nifty pack as the stock jumped 2.86 per cent to trade at Rs 558.65. JSW Steel, UPL, Tata Steel and Infosys gained up to 1.70 per cent.
In contrast, HDFC Life, Nestle India, Axis Bank, BPCL and UltraTech Cement were among the top laggards.
The overall market breadth was positive as 1,957 shares were advancing while 751 were declining on BSE.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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