13 hours Ago By Ananya Grover
According to Citi, post the 10% correction in Nifty, valuations are more reasonable and looking ahead, potential 2H recovery in public capex & rural demand are positives. Urban consumption & asset quality also remains a watch for the brokerage. It said domestic Flows continue to be robust, but sentiment may be tested if FII sell-off sustains Key Overweight: Financials, Telecom, Pharma Key Underweight: Consumer Discretionary, IT, Metals.
Goldman Sachs has raised its target price for Eicher Motors to Rs 5,900 from Rs 5,400 earlier while maintaining a 'buy' rating as it expects near-term pickup in volume momentum in FY25 / FY26. It also expects more product events over next year across 350cc / 450cc /650cc portfolios and sees pickup in export volumes where margin and ASP are superior vs domestic. Goldman Sachs expects market to remain range-bound over next 3 months.
It has pegged Nifty 50's 3 months target at 24,000, implying 2% upside. Nifty's 12 month target according to the brokerage is 27,000. It believes Indian equities should be relatively insulated from macro headwinds and has maintained tactically neutral on India favouring select domestics.
The brokerage remains overweight on select domestic sectors with higher earnings visibility including autos, telcos, insurance, realty, and internet. It has upgraded exporters like Infotech to overweight and pharma to market weight. Except South Korea's Kospi, which traded 0.
2% higher at 7:48 a.m, all indices of the Asia-pacific region fell as market assessed the impact of Russia-Ukraine tensions and Nvidia's Q2 results. Japan's Nikkei fell the most by 0.
7%, both Hong Kong's Hang Seng and China's CSI 300 fell 0.3%. The S&P 500 closed flat at 5,917.
11, Dow Jones was up 0.32% at 43,408.47, and Nasdaq Composite was down 0.
11% at 18,966.14. In after hours of the session tech companies fell following a disappointing revenue forecast from Nvidia Corp.
Russia-Ukraine tensions also weighed on the sentiment. GIFT Nifty traded 78 points or 0.3% lower at 23,575.
50 as of 7:21 a.m. on Thursday.
Among others, share prices of Tata Power Co., Bajaj Auto Ltd., Mahindra & Mahindra Ltd.
, and JSW Steel Ltd. will remain in focus as market assesses their news flow. On Tuesday, the Indian equity benchmarks gave up most gains in the last leg of trade, as risk–off sentiment rose after Ukraine carried out strikes deep inside Russia, with western non–nuclear missiles.
They were closed on Wednesday for Maharashtra state assembly election. Despite giving up gains, the NSE Nifty 50 snapped a seven–session losing streak. While the BSE Sensex reversed a four-session loss.
The Nifty 50 ended 64.70 points, or 0.28%, higher at 23,518.
50. The Sensex ended up 239.38 points, or 0.
31%, at 77,578.38. Earlier in the day, the Nifty 50 rose as much as 1.
39% to 23,780.65, and the Sensex rose 1.44% to 78,451.
65. Both the indices posted their biggest intraday gains since Sept. 20.
Overseas investors remained net sellers of Indian equities for the 36th consecutive session on Tuesday, while domestic institutional investors stayed net buyers. Foreign portfolio investors sold stocks worth Rs 3,411.7 crore, according to provisional data shared by the National Stock Exchange.
The domestic institutional investors mopped up stocks worth approximately Rs 2,783.9 crore..
