Gujarat Pipavav Port, Maruti Suzuki: Here's what Mayuresh Joshi of William O'Neil India says on these stocks

Mayuresh Joshi, Head-Equity Research at William O'Neil India, on Friday said that even in the scenario of weakening global supply chain and demand likely tapering off, Indian markets have remained resilient. The market expert, however, did add a word of caution for the domestic indices by saying, "Valuations in some pockets, such as power, defence and railways, have overrun themselves. So, investors need to extremely selective."

The market expert picked Gujarat Pipavav Port Ltd as one of his top picks for the day. "In terms of the G20 announcements, a lot of activities will come into focus - including ports -- which should have a compounded effect on the numbers. As far as the company's financials are concerned, the topline growth was very impressive last year. And, the bottomline growth was even better. Gujarat Pipavav is a stock that we like very selectively from the mid-cap space," Joshi stated

For Gujarat Pipavav, keep a stop loss at Rs 123.25, he also mentioned. The stock was last seen trading 2.44 per cent higher at Rs 132.40 today.

Within the large-cap space, the market expert said, "We continue to like Maruti Suzuki India Ltd. Reasons for liking Maruti are very obvious. The company's management stated in the last 2-3 quarters that their market share has slowly inched up to 45.5 per cent. And, Maruti's aspiration target of coming back to 48-49 per cent seems to be on track, due to its strong portfolio suite."

Maruti today hovered around its 52-week level of Rs 10,575, seen in the previous session. Last checked, it was up 0.28 per cent at Rs 1,0518.15.

Meanwhile, Indian equity benchmarks continued their rise today, scaling their fresh lifetime peaks. The domestic benchmarks were up led by gains in technology, automobile and metal shares. Broader market (mid- and small-cap) shares were also positive.

10 out of the 15 sector gauges -- compiled by the National Stock Exchange (NSE) -- were trading in the green. Sub-indexes Nifty IT, Nifty Auto and Nifty Metal were outperforming the NSE platform by rising as much as 0.99 per cent, 0.77 per cent and 0.39 per cent, respectively.

On the stock-specific front, Bajaj Auto was the top gainer in the Nifty pack as the stock jumped 4.45 per cent to trade at Rs 5,060.05. Hero MotoCorp, Coal India, Eicher Motors and Tata Motors gained up to 2.02 per cent.

In contrast, Asian Paints, Hindustan Unilever, Britannia, PowerGrid and Tata Consumer Products were among the top laggards.

The overall market breadth was positive as 1,817 shares were advancing while 908 were declining on BSE.

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