Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 started Monday’s session on a positive note led by gains across sectors.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, expects the Nifty50 to head higher to levels closer to 18,200 if it can keep above the 17,500 level on Friday.
Rahul Singh, CIO-Equities at Tata Mutual Fund, believes large banks are taking market share.
“The large part of loans is coming from either vehicles or housing, and I do not see urban consumption being impacted as much as rural consumption or semi-urban consumption.
The idea is to identify longs in this market and longs are in ICICI Bank, Axis Bank and SBI, and now with a lot of buzz on PSU banks, we are seeing long formation happen in Bank of Baroda as well as Canara Bank.
“Till now, the company has also delivered, not to take away the fact that it has kind of bounced back from the lows of 2018 where it saw a whole restructuring of the business itself being undertaken,” he said.
“What is going to be interesting is that if things like the container shortage and freight rate, and rationalisation starts to kind of get out of the way, all the stuff that is impeding growth for them gets out of the way, they could have a catch up maybe much later, if not, immediately for the next year or so.
In an update on operating performance, Paytm parent One97 Communications said the number of loans disbursed through its platform increased 414 percent on a year-on-year basis to 2.7 million loans in the first two months of the quarter.
Give it time, you would have companies like Sona Comstar, which are in a different league, and that is exactly what happens,” he said.
Tega’s order book remains strong, and the company is targeting market share of 10 percent in the next two years.
Emkay has initiated coverage on Star Health with a ‘buy’ rating and a March 2023 target price of Rs 1,135.
We are of the view that investors should not be deterred by high valuations, which are rightfully anchored to Star Health’s nearly unassailable position in a high-growth industry,” Emkay said.
Recent market debutant Sigachi Industries’ shares rose as much as seven percent on Monday, after the company reported its Q2 numbers on Friday.
On NSE, the Tega Industries stock began its journey in the secondary market at Rs 760 apiece, a premium of 67.8 percent.
Macroeconomic data, IPOs and the Federal Reserve’s policy will be in focus on Dalal Street this week.
Oil prices rose on Monday, extending gains from last Friday, helped by growing optimism the Omicron will pose a limited impact on global economic growth and fuel demand.
Minda also announced the expansion of its Gujarat Plant capacity from 90,000 wheels/month to 1,20,000 wheels/month, though subsidiary Minda Kosei.
The 50-scrip index has formed a small positive candle with upper and lower shadows, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.