Bajaj Housing Finance & Hyundai Motor: What Raghvendra Singh says on these 2 recently listed stocks

Market expert Raghvendra Singh on Tuesday shared his views on select stocks, including two recent stock market entrants Bajaj Housing Finance Ltd and Hyundai Motor India Ltd. In response to a query on Bajaj Housing, Singh said the counter may see a reversal in some time. "Those holding can continue with their positions with a stop loss placed at Rs 125. The stock can see a reversal in some time," he told Business Today TV. Bajaj Housing shares were last seen trading 1.24 per cent lower at Rs 131.30. The scrip has corrected around 30 per cent from its all-time high value of Rs 188.45.

When asked about Hyundai Motor, the market specialist said, "The carmaker is poised to grow further in the coming years. One can continue to hold on to the stock. Investors should add more if it is available around Rs 1,600-1,700 levels." Hyundai's stock was down 1.50 per cent at Rs 1,794.95. At this price, it has declined near 9 per cent from its record level of Rs 1,968.80.

Meanwhile, Indian equity benchmarks fell sharply in late deals, dragged by banks, financials, consumer, automobile and metal stocks. Broader markets (mid- and small-cap shares) were also in the red.

14 out of the 16 sector gauges -- compiled by the NSE -- were trading in the negative territory. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty FMCG, Nifty Consumer Durables, Nifty Auto and Nifty Metal were underperforming the NSE platform by falling as much as 1.31 per cent, 1.6 per cent, 1.3 per cent, 1.03 per cent, 1.4 per cent and 0.83 per cent. In contrast, Nifty IT and Nifty Realty rose 0.47 per cent and 0.80 per cent, respectively.

On the stock-specific front, Britannia Industries was the top loser in the Nifty pack as the stock cracked 7.06 per cent to trade at Rs 5,050.85. HDFC Bank, NTPC, Asian Paints and BEL fell up to 2.72 per cent.

In contrast, Trent, HCLTechnologies, Infosys, Sun Pharma and Reliance Industries were the top gainers on Nifty50.

The overall market breadth was weak as 2,570 shares were declining while 1,357 were advancing on BSE.

Foreign institutional investors (FIIs) sold Rs 2,306.88 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 2,026.63 crore worth of shares, exchange data showed.