The Indian benchmark equity indices traded flat with a positive bias in Wednesday’s morning deals after a volatile start to the session. Benchmark Indian equity indices opened over 0.23% higher on Wednesday. The Sensex was at 52,470.20, 0.23% at 10:20 am while the Nifty was at 15,735.95, down 0.23%. On the sectoral front, buying was witnessing in the IT, metal stocks, while selling was seen in the oil & gas and power names.
In the broader markets, the S&P BSE MidCap index was flat while the SmallCap index ticked up 0.2% Among buzzing stocks, United Breweries in focus today after CCI okayed Heineken’s additional equity stake acquisition in the company. IDBI Bank share price surged 6% in the early trade on June 23 on report the government may sell 26 percent stake in the company.
Jay Purohit, Technical & Derivatives Analyst, MOFSL said, “The markets are in a consolidated phase, where we are seeing a range-bound move continuing from the last couple of days. On the upper side 15,900 is acting as a major hurdle. 15,500 is acting as a major support. I believe stock-specific action may continue today as well. Investors must not take too much risk on the index and rather go for stock selection.”
Stock Recommendations
Greaves Cotton | Target Price: Rs 175 | Stop Loss: Rs 158
GIC Housing Finance | Target Price: Rs 160 | Stop Loss: Rs 143
Navin Fluorine | Target Price: Rs 3550 | Stop Loss: Rs 3350
Loan Against Mutual Funds Vs Redemption!
What things you need to keep in mind before before taking Gold Loan?
Is your income tax verification notice real?
Why did the government succumb to pesky calls?