Capital goods, IT and healthcare stocks see some buying activity while consumer durables and power stocks remain under pressure. Tata Power and JP Associates are top Nifty losers down 3 per cent and 2.5 per cent respectively.
Market analyst Sarvendra Srivastava’s trading calls
Buy ABB with target of Rs. 810 with stop-loss of Rs. 769.4
Buy IDFC with target of Rs. 105 and stop-loss of 99.4
Buy Hind Zinc with target of Rs. 128 and stop-loss of Rs. 119.8
Market analyst Sarvendra Srivastava says too much should not be read into today’s choppy trade and the trend remains higher. The 6350 level has been a psychological hurdle for the Nifty for a long time and market is showing some nervousness in the 6300-6350 zone.
Shares in Astrazeneca Pharma India Ltd fell as much as 5.02 per cent on profit-taking ahead of the company’s board meet later in the day to consider a proposal by promoter AstraZeneca Pharmaceuticals AB (AZP AB) Sweden to delist the company.
Markets see choppy trade in noon trade with Sensex, Nifty drifting lower. Nifty is down 5 points at 6,293 while Sensex is off 16 points at 21,193. Auto and infra stocks were under some pressure.
All eyes on May 16, which is a Friday and the date when counting will start. Sensex had created history in May by hitting two upper circuits in one day (May 18, 2009) on UPA’s strong win.
CLSA has said that equity markets and currency will rally strongly if Narendra Modi becomes Prime Minister.
Markets trade flat amid turn choppiness. Nifty trades 7 points higher at 6,305 after briefly turning negative while Sensex is up 22 points at 21,232. EC announces poll dates.
Markets near day’s lows. Sensex up 8 points, Nifty up 3 points. Consumer durables shares down 2 per cent, healthcare stocks fall 0.2 per cent.
Goldman Sachs has downgraded Axis Bank to neutral and taken off the stock from its Asia Pacific buy list. Upside potential is in-line with other banks, Goldman says. It has a target of Rs. 1270 on the stock. Axis Bank shares trading up 0.9 per cent at Rs. 1,304.
UPL up 3.5 per cent after the chemicals maker said on Tuesday it had increased stake in UPL do Brasil Industria e Comercio de Insumos Agropecuarios SA to 73 per cent from 51 per cent. Dealers say UPL raised stake in the unit at cheap valuations.
Maruti Suzuki shares up 1 per cent today. CLSA maintains buy on the stock and expect 85 per cent return in 3 years.
Top Nifty gainers include IDFC (up 2.4 per cent), Tata Steel (up 2.1 per cent). Top Nifty losers are Ambuja Cements (down 2.5 per cent), Tata Power (1.3 per cent).
Markets are trading off day’s high as recent gainers witness profit taking. Sensex up 52 points or 0.25 per cent at 21,262; Nifty up 15 points at 6,313. Metal stocks up for second straight day, while healthcare and IT stocks also witness buying interest. Consumer durables down 1.3 per cent.
Bhrati Infra up 9 per cent now. An analyst told Reuters that Reliance Jio can hire nearly 5,000 towers from Bharti Infratel in FY15 which means a rental income of around Rs. 200 crore for the company.