GAIL, IOC & LIC: Here's what Rahul Sharma of JM Financial says on these 3 stocks

Rahul Sharma, Director & Head - T&D Research at JM Financial, on Wednesday picked GAIL (India) Ltd as one of his top stock picks. "The stock has a very good risk-reward ratio. It can move towards Rs 135-140. One can look to buy the stock with a stop loss placed at Rs 122," Sharma told BT TV. GAIL shares were last seen trading 0.68 per cent higher at Rs 126.15.

The other stock which the market expert suggested was Indian Oil Corporation Ltd. "One can buy IOC shares with a stop loss of Rs 105 for target prices of Rs 118-120," Sharma mentioned. The counter was up 0.95 per cent at Rs 109.15 in early deals today.

When asked about Life Insurance Corporation of India (LIC) shares, he said, "We can see a continuation rally happening after a brief pause. Rs 775-780 levels are definitely on the cards but the move will not be as quick as we've seen in the last couple of trading sessions." LIC shares rose 0.34 per cent today to trade at Rs 674.25.

Meanwhile, Indian equity benchmarks traded higher in early trade, led by gains across all sectors. Broader market (mid- and small-cap) shares were also positive as Nifty Midcap 100 climbed 0.72 per cent and small-cap gained 0.41 per cent.

Foreign institutional investors (FIIs) bought shares worth Rs 784 crore during the previous session on a net basis and domestic institutional investors (DIIs) purchased shares worth Rs 1,325 crore.

All 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty IT and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.25 per cent and 0.69 per cent, respectively.

On the stock-specific front, Tech Mahindra was the top gainer in the Nifty pack as the stock jumped 2.54 per cent to trade at Rs 1,232.9. Wipro, LTI Mindtree, Bharti Airtel and HCL Tech gained up to 1.88 per cent.

In contrast, Coal India, BPCL, PowerGrid, ONGC and NTPC were among the top laggards.

The overall market breadth was positive as 1,984 shares were advancing while 879 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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