Stock Market Live: Sensex soars 358 points after testing 37,000 levels; Nifty gains 128 points before closing above 11,000 levels
Market experts are suggesting a bull run only at Indian indices when the Nifty sustains above 11,000 levels by closing above this psychological mark.
On account of US President Donald Trump's dovish stand on the progress on tariffs in his State of the Union speech the Indian indices gained nea 1 per cent on Wednesday. The BSE Sensex went northward by 358 points to 36,975 mark after making a high of 37,005 levels. The Nifty index also surge by 128 points to 11,062 levels.
Speaking on the market behaviour SEBI registered technical equity analyst Simi Bhaumik told Zee Business online, "As the Nifty has closed over 11,000 levels, we can expet a bull run if it opens above 11,000 levels on tomorrow. Now, the market bracket is 10,800 to 11,200."
See Zee Business Live TV streaming below:
Sensex heavy weight Reliance Industries stocks continued its rally by gaining over 1.5 per cent to Rs 1309 levels. Metal index surrge by near 2.5 per cent. Metal major Steel Authority of India counter jump by 2.87 per cent, Tata Steel scrip went up by 4.1 per cent, NALCo shares surge by near 1.56 per cent while Jindal Steel and Power Ltd. went up by around 4 per cent. Hindalco too jump by around 2.6 per cent. In Tech sector Dish TV India Ltd. skyrocketed by around 19.78 per cent, Tech Mahindra stocks soar by near 8 per cent, Sun TV Network took leap of more than 6 per cent while Tejas Networks went up by around 5.5 per cent.
In Infra sector Aban Infra took a hit by near 9 per cent while Adani Ports and Special Economic Zone stock continued its slide by losing 2.77 per cent from its Tuesday close. But Reliane Infra bleed profusely by losing over 30 per cent. Vodafone Idea stocks too got hit by more than 1.8 per cent.
Buy Hindustan Petroleum for 22% gains, adises Elara Securities
Hindustan Petroleum reported a net operating income of Rs 721bn, excluding excise. EBITDA stood at Rs 9.6bn, down 70 per cent Y-o-Y. Interest cost at Rs 1.5bn, up 64 per cent Y-o-Y.
On suggestion for the market investors in regard to Hindustan Petroleum counter Gagan Dixit, Research Analyst at Elara Securities informed Zee Business in a detailed research report iting, "The fundamentals of the counter suggests an upside potential for 22 per cent. An investor can take a buy position in the stok and book profit at Rs 273 levels." Currently, the stock is oscillating around Rs 225 per share mark.
Infra majors bleed on Trump's tough stance on China
On account of the US President Donald Trump's tough stance on China signaling dilution of expected Sino-US trade talks outcome, Infra stocks bleed profusely in intraday trade. Aban Offshore bleed near 9.2 per cent, Adani Ports and Special Economic Zone slide by near 1.6 per cent, Reliance Communication scrip went own by mor than 5 per cent while Reliance Infra bleed by over 26 per cent. Vodafone Idea too went down by near 3.5 per cent.
Buy Inox Leisure for 45% gains, advises Elara Securities
From fundamenta point of view, INOX Leisure reported revenue growth of 33 per cent Y-o-Y to Rs 4,331mn in Q3FY19, led by healthy growth across all business segments. EBITDA margin surged 510bp Y-o-Y to 19.3 per cent, supported by strong growth in the high margin ad & F&B segment. PAT grew almost 3 times Y-o-Y to Rs 366mn on better profitable growth.
On what is the suggestion for market investors in regard to Inox Leisure counter Karan Taurani, Research Analyst at Elara Securities informed Zee Business in a detailed rsearch report citing, "The fundamentals of the counter suggests an upside potential of near 45 per cent. An investor can take a buy position in the stock for the target price of Rs 390 per share levels." Currently the counter is oscillating around Rs 268 per share levels.
Buy IRB Infra Developers Ltd. for 26% gains, advises Narnolia Financial Advisors
IRB has been able to achieved financial closure of all the 3 HAM projects in stipulated time period whereas the industry is struggling to get projects financially closed. Company has received appointment date of Vadodara Kim Expressway and work has commenced but 2 Tamil Nadu projects are facing land acquisition issue and management expects delay in appointment date. Both the projects contribute around 26 per cent to the overall order book and 39 per cent to the projects yet to commence.
Aske about the position an investor can take in the counter Sandip Jabuani, Research Analyst at Narnolia Financial Advisors informed in a detailed research report, "The fundamentals of the stock looks positive and shows an upside potential swing of around 26 per cent. An investor can buy the stock for target of Rs 175 levels." Currently, the counter is oscillating around Rs 140 per stocck levels.
Buy Apollo Tyres for 33% gains, advises IndiaNivesh
Despite some slowdown in the OE demand across most segments, advantage of lower Chinese TBR imports, steady growth by the company in the replacement demand and higher European sales led to Apollo Tyres’ Q3 FY19 consolidated revenue growth of 17 per cent Year on Year (Y-o-Y).
On what position an invetor can take in the counter Mayur Malik, Research Analyst at IndiaNivesh informed Zee Business online in its research report, "The counter looks fundamentaly strong and shwoing an upside potential of around 33 per cent." The report says that an investor can buy the counter for the target of Rs 270 per counter. Currently, the shares of Apollo Tyres are oscillating around Rs 200 per counter levels.
BANKEX trade cautious
The Banking index seems to have traded cautious in firt 45 minutes of intraday trade. The Banking index at Sensex was up by around 0.3 per cent while Nifty Banking soar by near 0.4 per cent. Banking major Axis Bank stock rose by near 0.7 per cent, ICICI counter soar by around 1.25 per cent, SBI shares rose by 0.4 per cent while Kotak Mahindra Bank and Yes Bank shares rose by oer half a per cent.
Buy Jindal Steel and Power Limited (JSPL), advises Narnolia Financial Advisors
Despite fall in steel prices, JSPL’s standalone steel realization improved QoQ on the back of better product mix. However, volume fell due to lower inventory buildup at customer end in Dec’19 because of significant fall in steel prices in Dec’19. Oman business volume and margin continue to remain impacted by falling rebar prices in Middle East. Higher coal cost and coal availability issues continue to impact JPL’s performance.
On what should be the position that an investor can take in JSPL counter Sagar Sharma, Research Analyst at Narnolia Financial Advisors told Zee Business in a research report document, "Fundamentals of the counter suggests an upside potential for near 45 per cent. An investor can take a buy position in the stock for the target of Rs 190 per share." Currently the stock is hovering around Rs 130 per counter levels.
IT counters follow shoot
In IT sector shares of Aptech went up by 1.57 per cent, HCL Tech shares too rose by near 1.5 per cent, Infosys went northward by around 1.2 per cent, L&T Infotech counter too went up by around 1.27 per cent. MphasiS counter soar by around 1.6 per cent while TVS Electronics rose by around 1.9 per cent.
Oil, Gas and energy stocks lead the rally
After witnessing some profit booking on Tuesday, Reliance Industries shares again jumped by around 0.6 per cent to Rs 1298/stock levels. Asian Oilfield Services too jump by over 4 per cent. Shares of GAIL jump by near 1.4 per cent, HPCL shares rose by near 0.65 per cent, but Castrol India counter slide by near 2 per cent.
Asian bourses open cautious
Asian shares started cautiously on Wednesday as investors waited to see if US President Donald Trump drops any hints of progress on tariffs in his State of the Union speech.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat with China and several other markets in the region still closed for the Lunar New Year holiday. Japan's Nikkei edged up 0.5 percent, while E-Mini futures for the S&P 500 barely budged.
Avoid over leverage position, maintain 'buy on dips' if Nifty fails to break 11,000 levels
Various market experts have been maintaining that Nifty has strog support at 10,780 and 10,850 levels. Hence, if the Nifty slips and comes below 10,900 but above 10,850 they an take a buy position at around 10,850 levels.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.