On Thursday, the domestic stock market started with an increase in positive signals from the global market and a boom in the Asian market. Sensex opened at 57,296.31 with a gain of 476.92 points. On the other hand, Nifty rose 151 points to open at the level of 17,89.50. In the early trade, buying is being seen in all sectors including banking, auto, pharma, metal. According to data available on NSE, on Wednesday, Foreign Institutional Investors (FIIs) sold shares worth Rs 4,064.54 crore in the domestic stock market, while Domestic Institutional Investors (DIIs) bought shares worth Rs 1,917.51 crore.
HUL, Sun Pharma, Infosys, Asian Pets, Reliance Industries, Maruti were the top gainers in today’s business. On the other hand, HCL Tech, Bharti Airtel, HDFC Bank, ICICI Bank, TCS, NTPC are seeing a decline.
Talking about the sectoral index, the Nifty Pharma index has registered a rise of 1.12 percent, while the Nifty FMCG index has a strength of 0.99 percent. Apart from this, Nifty Bank, Auto, Metal, IT and Realty indices are also in the green.
Buying opinion on BajajAuto remains intact
BofA Securities has retained its buy point on Bajaj Auto. Margins have given a positive surprise in the fourth quarter. Positive mix margins are strong. Will keep an eye on the value recovery. Buying advice is given on Bajaj Auto due to export exposure. The target price is Rs 4100.
Credit Suisse continues to outperform on HUL
Credit Suisse has maintained the outperformance on HUL. Its target price is Rs 2550. Support came from the home care segment. Concern over the continuing weakness in the nutrition business. EPS estimate for FY23-24 reduced by 9 per cent.
JP Morgan has also upheld the opinion of Overweight on HUL. Estimates are better than fourth quarter results. Increase in value and value market share. No change in EPS target for FY23/24E. Will keep an eye on demand and margin movement.
Asian markets rally
There is a bullish trend in the Asian market on Thursday. SGX Nifty is trending up. Japan’s Nikkei is trading with a gain of 0.61 percent. The Strait Times has gained 0.17 per cent. The Taiwanese market has gained 0.70 percent. Kospi is trading with a jump of 0.56 percent and Hangsen 1.24 percent. The Shanghai Composite has gained 0.87 per cent.
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US market closed with gains
On Wednesday, the US and European markets closed with slight gains. The Dow Jones closed with a gain of 0.19 percent, the S&P 500 0.21 percent. However, the Nasdaq fell marginally by 0.01 percent.
