Stock Market LIVE: Indices trim early gains, Tata Motors top gainer
Stock Market LIVE: Indian stock markets opened higher on Tuesday amid positive cues from global markets. The Nifty index opened at 18183.95 levels, up by 65.4 points while Sensex made a positive opening of 180.53 points at 61122.20 levels. The domestic markets are trading above their neutral lines for the second consecutive day.
Markets got some support with Commerce and Industry Minister Piyush Goyal’s statement that the country`s services exports are doing extremely well and going by the current trend these outbound shipments would register about 20 percent growth in the current fiscal (FY23) and cross the $300 billion target despite global economic uncertainties.
However, gains remain capped as some concern came with provisional data available on the NSE showing that foreign institutional investors (FII) have net-sold shares worth Rs 219.87 crore on January 23, 2023.
Stock Market LIVE Today
Stock Market LIVE at 12.25 pm IST, the Indian stock market indices, Sensex and Nifty are trading marginally higher by 0.09 percent and 0.02 percent respectively. The Bank Nifty is down by 0.13 percent at 12.25 pm IST. The broader markets are trading lower at this moment, as Nifty midcap and smallcap indexes are trading lower by 0.29 percent and 0.28 respectively at this time.
Among the sectors, Nifty IT, Auto, and Media are trading higher whereas Realty, PSU Bank, and Pharma are trading in the red. The top gainers in the Nifty 50 index at this moment are Tata Motors, HCL Tech, and HDFC Bank, and the top losers are Axis Bank, Power Grid, and Sun Pharma
Stocks in News Today
Jindal Steel & Power (JSPL) is in talks to pick up a strategic stake in Steel Exchange India (SEIL), the size of the deal is not yet known as talks are in the early stage. The SEIL confirmed to Moneycontrol that it has been looking for investors and received an expression of interest (EoI) from JSPL among others. The share price of JSPL is trading lower by 0.25 percent at Rs 602 per share
Delhivery has bagged a contract from Godrej Appliance for its air cooler supply chain. The contract is to build and manage the pan-India supply chain for the Godrej Appliances’ air-cooler business. According to the contract, Delhivery will deploy its integrated warehousing and distribution solution to drive market penetration of Godrej air coolers. The share price of Delhivery is trading lower by 3.13 percent at Rs 314.60
Macquarie’s view on Axis Bank stays ‘neutral’ with a target of Rs 790 per share. The Axis bank Q3 earnings beat due to better performance on Margin, however, weak liabilities franchise is a concern. The share price of Axis Bank is trading lower by 2.56% at Rs 909 per share
Best Stock to Buy Now
Pradbhudas Lilladher has suggested DIXON TECH, the best stock to buy now. The stock has witnessed a decent correction and has bottomed out near the 3550 zone indicating a consolidation phase and currently with a bullish candle pattern on a daily chart has improved the bias.
The analyst of Prabhudas Lilladher said, RSI flattened out after the slide and indicated a trend reversal from the oversold zone and is expected to rise further in the coming days. With the chart looking attractive, Prabhudas Lilladher recommended buying the stock with a target price of 4000, keeping a stop loss of 3400. The share price of Dixon Tech is trading at Rs 3500
Also, read Best Stock Market Books You Must Read-2023
Stock Market Prediction Next Week (23- 27 Jan 2023)
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