Bharti Airtel & Vodafone Idea: What Amar Deo Singh of Angel One says on these 2 stocks

Amar Deo Singh, Head Advisory at Angel One on Monday said the telecom companies will gain from the recent tariff hike as they have not raised tariffs since 2021. On the stock-specific front, the market expert suggested that one should consider buying Bharti Airtel Ltd shares on dips.

"The trend remains strong and firm. Friday's high (Rs 1,539.10) should act as resistance. But, this stock is buy-on-dips," Singh told Business Today TV. Airtel shares were trading 1.06 per cent higher at Rs 1,460.70.

For Vodafone Idea Ltd (VIL), the analyst said the stock has been like a "slow and steady" performer recently. "It seems that the worst is over for the stock. If it manages to sustain above Rs 21-22 levels, then the stock is headed for significant rally," Singh stated. VIL was down 0.17 per cent at Rs 17.87.

When asked to pick stocks from the automobile space, the market expert liked Bajaj Auto Ltd and Tata Motors Ltd.

Meanwhile, Indian equity benchmarks traded higher in late-morning deals today, led by gains in IT, consumer, metal and auto stocks. Broader markets (mid- and small-cap shares) were up as well. India VIX, fear index, rose 1.61 per cent to 14.03-level.

12 out of the 16 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT, Nifty FMCG, Nifty Consumer Durables, Nifty Metal and Nifty Auto were outperforming the NSE platform by rising as much as 1.42 per cent, 0.62 per cent, 0.79 per cent, 0.80 per cent and 0.57 per cent, respectively. However, Nifty PSU Bank and Nifty Realty slipped 0.44 per cent and 0.33 per cent, each.

The overall market breadth was strong as 2,548 shares were advancing while 1,173 were declining on BSE.

Foreign institutional investors (FIIs) offloaded Rs 23.09 crore worth of shares on a net basis during the previous session while domestic institutional investors (DIIs) purchased Rs 6,658.31 crore worth of shares, exchange data showed.