Evening Walk Down D-Street: BoB, Tata Steel among top stocks which are looking attractive; here’s why

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Evening Walk Down D-Street: BoB, Tata Steel among top stocks which are looking attractive; here’s why

A day of profit booking for D-Street but benchmark indices managed to close the day in green and well above their crucial support levels on Thursday.

The S&P BSE Sensex which was up nearly 200 points closed with gains of just 89 points towards the close of the trade while Nifty50 managed to hold on to 11050 levels. The index finally closed 5 points up 11,058.

Broader market indices showed signs of weakness, but the overall market depth was tilted in favor of the buyers. The S&P BSE Mid-cap index closed 0.3 percent lower while the Small-cap index closed 0.11 percent down.

IT stocks succumbed to selling pressure for yet another day as the rupee hit a 2-month high. Wipro was down 3 percent, while Infosys and Tech Mahindra shed a little over 1 percent each.

However, there were a lot of stock specific opportunities which are available for traders, suggest experts. Investors should not turn their eye away from PSU banks, as well as metals which are moving higher post correction, they say.

“PSU banks, as well as metals, are beaten down sectors which are now moving higher. In the PSU Banks, we are recommending BoB, SBI, and PNB. In the private banking space, we like Axis Bank,” Yogesh Mehta, VP, retail research, Motilal Oswal Securities told Moneycontrol.

“In the metal space, we like Tata Steel, Jindal Steel and Power look promising. Select pharma stocks are also looking attractive in the short term such as Lupin, and in the auto space, M&M is looking good,” added Mehta.

Stocks in news:

Sugar stocks closed mostly higher after the Cabinet approved the allocation of additional funds to sugar mills.

NHPC shares rallied more than 3 percent after the Cabinet Committee approved the company’s investment in Chenab valley power project and acquisition of Lanco’s Teesta hydro project.

The share price of Larsen and Toubro (L&T) gained nearly 3 percent after the company’s construction arm secured orders from prestigious clients across varied states in India.

Shares of Biocon fell 2.3 percent after receiving six observations from the US Food and Drug Administration (FDA) on inspection of the company’s Bengaluru facility.

IDFC First Bank slipped over 4 percent after Morgan Stanley downgraded the stock. Commenting on valuations, the global investment bank in a report said that 1.3x FY20e P/B (price-to-book value) is expensive relative to peers.

Global Updates:

European markets are trading lower by 0.5 percent on Thursday ahead of a European Central Bank rate decision.

Asian markets ended mixed on Thursday on the back of third consecutive day of losses from Wall Street. The Shanghai Composite was up 0.14 percent to close at 3,106.42, while Nikkei fell 0.65 percent to close at 21,456.01.

Hang Seng index shed 0.8 percent to 28779.45, while Kospi declined 0.45 percent to end at 2,165.79.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-03-09 17:28:37

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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