OPENING BELL BY TRADEINDIA RESEARCH
SENSEX DOWN – 24.82 @ 28198.88,
NIFTY FUTURE DOWN – 6.55 @ 8710.00,
BANK NIFTY FUTURE DOWN – 1.45 @ 19557.45,
USD/INR – 66.45.
Daily Stock market updates with trading strategy by best advisory company of India.
Stock Market News: The market has made a flat opening with the Sensex up 49.91 points or 0.2 percent at 28273.61. The Nifty is up 6.25 points at 8712.65. About 180 shares have advanced, 58 shares declined, and 15 shares are unchanged.
The Indian rupee opened higher by 4 paise at 66.44 per dollar on Wednesday versus previous close of 66.48.
Buy, sell or hold:
Nomura stays cautious on the sector, says HCL Tech is the only buy call. It prefers Infosys amongst stocks having neutral ratings.
Deutsche Bank reiterates buy with a target of Rs 800 per share, indicating 17 percent upside potential based on FY16-19.
Nomura downgrades it to neutral from buy with target unchanged at Rs 3200 per share.
Nomura maintains buy call with target increased to Rs 1520 from Rs 1325 per share.
Goldman Sachs says the company may post 7.7 percent margin in Q2 versus 7 percent in Q1 on improvement in product mix.
Citi expects 8 percent dividend yield despite buyback, estimated at Rs 26 per share for FY17. It says if only government tenders its shares in buyback, holding would reduce to 79.3 percent. It adds payout looks secure even if entire buyback quantity is tendered.
Credit Suisse maintains outperform call stating it is a good play on growing gas demand. It has increased target to Rs 180 from Rs 165 per share.
Capital goods stocks
CLSA retains buy on L&T , IRB , J Kumar , Sadbhav Engg and NCC . Analysis shows slowdown in capex revival, indicated by backlog growth. It says backlog growth at 8 percent YoY versus 11 percent in March quarter. It says backlog growth stronger in construction, led by urban infra and roads.