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Milan Vaishnav, technical analyst at Gemstone Equity Research & Advisory Services expects the Nifty remain rangebound for the next couple of weeks, citing the failed attempt at a follow-up rally to Monday’s advance. “The market is looking a little overbought,” he told BloombergQuint.
Vaishnav is bullish on the auto, technology and select private banks. “TCS, Infosys and HCL Tech are looking attractive right now,” he said. Meanwhile, he said the run up in the real estate stocks may be coming to an end.
He advised investors sitting on the side-lines to adopt a stock specific approach. “For the ones invested, they should guard their profits,” he said referring to a strategy of keep a trailing stop loss.
Shares of the theme park operator jumps as much as 11 percent, the most since February 23, after the company approved shares and warrants to shareholders.
The company will allot 12.5 lakh shares at Rs 95 each. It also approved allotment of five convertible warrants. The warrants will be convertible into shares at Rs 2.37 crore each.
Source: NSE as of 12:15 p.m.
European stocks rose, heading for their best three-day rise since April, boosted by gains in media shares and optimism about the U.S. economy.
All MPs, GST Council members, ministers have been invited to attend the #GST launch function. pic.twitter.com/J6LrxEYafA
— BloombergQuint (@BloombergQuint) June 20, 2017
Gulf Oil Lubricants Rises Most In 8 Months
Shares of the drug maker fell by as much as 1.9 percent after research firm Credit Suisse said the price erosion risk faced by the company is highest as 75 percent of U.S. profit is from low-competition products.
Lupin could see “double-digit” fall in product prices annually over the next three years as more rivals start selling key drugs, Credit Suisse said in a note dated June 19. It cut the pharma firm’s earnings per share estimate for fiscal year 2018 by 6 percent and 2019 by 8 percent.
The brokerage house also maintained an 'Underperform' on the stock, revising the target price to Rs 1,020 from Rs 1,100 earlier.
Shares of the power producer gained as much as 4 percent after Indian Energy Exchange filed draft papers for an initial public offering with the capital market regulator.
Tata Power may sell its stake in Indian Energy Exchange via the IPO, according to a report by Moneycontrol. The stock has risen for a third straight session and was the top performer on the S&P BSE Power index.
Shares of the tyre manufacturer rose as much as 1.5 percent to Rs 1,633.50 after HSBC increased its earnings forecast for the company by 4-8 percent for FY18-19.
Margins to be supported due to increase in product prices, says the brokerage firm. It maintains a 'hold' on the stock with a target price of Rs 1,540, citing improving market outlook. However, it added that valuations look rich at current levels.
The private sector lender pared early losses and rose almost 0.8 percent after the stock price adjusted for bonus share issue.
On May 3, the bank announced issue of bonus shares in the ratio of 1:10. "The post-bonus paid-up share capital is expected to be around Rs 1,281.62 crore, consisting of 640.8 crore shares of Rs 2 each," the bank had said in its filing on May 4.
The rupee weakened 10 paise to 64.53 against the U.S. dollar in early trade. U.S. Fed official’s comments that the central bank is not done with raising borrowing costs have stoked fears of capital outflows from emerging countries, including India.
According to traders, the dollar's strength against some currencies overseas on Fed's plan to stick to hiking rates pushed down the rupee. A higher opening in the domestic equity market salvaged the situation for the rupee to an extent though, they said.
Yesterday, the rupee had ended flat at 64.43 against the U.S. currency in a fairly range-bound trade.
PTI
Did You Know? Tata Motors Is The Lone Loser On Auto Index This Year
The global brokerage house says Nifty is tracking around its bull case target of 9,600. “Indian equity market appears full valued to us on a near-term basis,” JPMorgan said in a research note.
The brokerage house initiated coverage on the stock with a ‘Buy’ rating with target price of Rs 286 -- a potential upside 30 percent from Monday’s close
#BQMarketsNow | Nifty upside likely to continue, says Independent Market Expert Hemant Kale.https://t.co/JtfFhi9fke pic.twitter.com/v3rRzNJ1uP
— BloombergQuint (@BloombergQuint) June 20, 2017
#BQStocks | Metal stocks to be under focus.https://t.co/JtfFhi9fke pic.twitter.com/G2cGRpsUqj
— BloombergQuint (@BloombergQuint) June 20, 2017
It’s decision time for MSCI as global stock rally bypasses China, reports @frostyhk.https://t.co/awfMgCCOLR pic.twitter.com/8BIztxiKmK
— BloombergQuint (@BloombergQuint) June 20, 2017
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