Stock Market Live Today: Indices are trading higher, Buy Navin Flurorin

 

Stock Market Live Today: Indian stock market indexes opened slightly higher on Monday, the 1st trading day of 2023. Most of the Asian markets are not trading today due to the New Year holiday. Nifty opened at 18131.70 levels, up only 26.4 points while Sensex made a positive opening of 30.5 points at 60871.24 levels. Markets are trading in fine fettle and extending their early gains.

The Indian stock markets opened higher as the weekend report showed that the country’s core sector growth rebounded to 5.4% in November from the 20-month low of 0.9% in October. The market sentiments are optimistic as the Finance Ministry has said Gross GST revenue receipts in December 2022 totaled nearly Rs 1.5 lakh crore, up 15% year-on-year

There were some reactions in Oil and gas industry-related stocks as India`s petrol and diesel demand soared in December as increased consumption in the agriculture sector helped build on the momentum generated by the festive season. Meanwhile, the December Manufacturing activity measured by S&P Global India PMI increased to 57.8 as compared to 55.7 in November, adding some more optimism to the domestic market sentiments.

 

Stock Market Live Today 

 

Market Live at 12.35 pm IST, the Indian stock market indices, Sensex and Nifty are trading higher by 0.41 percent and 0.40 percent respectively. The Bank Nifty is up by 0.48 percent at 12.35 pm IST. The broader markets are trading higher at this moment, as Nifty midcap and smallcap indexes are trading higher by 0.69 percent and 0.61 percent respectively at this time.

Among the sectors, Nifty Metal, Media, and Energy are trading higher whereas Pharma and FMCG are trading in the red. The top Nifty 50 stocks that are trading higher are Tata Steel, Hindalco, and ONGC and the losing stocks at this moment are Bajaj Auto Asian pains and Divis Lab.

 

Stocks in News Today

 

Shriram Finance raised USD 100 million in long-term funds from the Asian Development Bank. This will enable the company to provide credit towards the purchase of new and used vehicles throughout India. The share price of Shriram is trading almost flat at Rs 1374 on NSE.

The Nifty 50 stock Bajaj Auto declined by 1.91percent and is trading at  Rs 3543 on NSE after the company announced that the December sales were down by 22% to 2,81,486 units as compared with 3,62,470 units sold  in December 2021

The share price of M&M gained percent and is trading at Rs 1261.90 around 1 percent up after the company announced that the overall auto sales for the month of December stood at 56677 vehicles, registering a growth of 44.74 percent growth as against 39,157 vehicles sold in the last year’s same period.

Bikaji Foods International informed the exchanges on Monday that the company acquired a 99.65 percent equity stake in Hanuman Agrofood Private Limited with effect from January 01, 2023. The share price of Bikaji Foods is trading lower by 3.60 percent at Rs 420.50 per share on NSE

 

Medium-Term Technical Picks from Prabhudas Lilladher 

 

Prabhudas Lilladher has given a buy call on Navin Flurorin for the medium-term technical pick at CMP Rs 4110 for the target of Rs 4480 with a stop loss of Rs 3980, as the chart is looking good and showing a reversal sign. The share price of Navin Flurorin is presently trading at  Rs 4127 or 1.42% higher on NSE

 

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Editor’s Desk