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Market This Week | Sensex, Nifty50 snap 4-week losing streak
Here are some highlights:
--38 Nifty clock weekly gains
--All sectoral indices in the green
--Nifty Pharma, Nifty IT top gainers among sectoral indices
--Sensex, Nifty, midcap indices rise over 2 percent
--Nifty Bank up 0.4 percent
--Cipla, Indian Oil, Sun Pharma, Asian Paints top Nifty gainers
--Britannia, Axis Bank, Maruti, Eicher, ICICI Bank top Nifty losers
--GNFC, Balrampur, IGL, Dr Lal, Atul top midcap gainers
--JK Cement, Coforge, GSPL, Whirlpool, Motherson top midcap losers
Paper space interesting suddenly: Prakash Diwan
Market expert Prakash Diwan is of the view that the paper space has become interesting suddenly. The cost for raw materials for paper, especially pulp, has become significantly high and any company with an an integrated plan, be it JK Paper, is at an advantage, according to him.
"For some strange reasons, paper stocks have really not participated in the ferociously midcap rally that we saw last year. They did start off sometime but kind of got out of the bandwagon midway and that's where the valuations are really not become very extreme. There is enough attractiveness... Paper and sugar are some of the themes that will probably continue to play very well given the underlying commodities are giving that kind of a secular uptrend," he says.
ITC a classic defensive stock: Sudip Bandopadhyay
Sudip Bandopadhyay, Group Chairman of Inditrade Capital, calls ITC a classic defensive stock. "ITC never went up and had the most number of memes created on it. One positive thing that happened for ITC is that this is the fourth year now that the taxes haven’t gone up. That gives a certain amount of stability to the cigarettes business, which is the main stay for ITC," he says.
"Volumes have been moving up, which is one positive thing for ITC. In this type of market, it is getting a premium because it is a defensive stock and its tobacco business is doing well,” he adds.
Market At Close | Sensex, Nifty50 manage to close higher for 4th day in a row
Here are some highlights:
--Nifty Pharma top gainer among sectoral indices; Cipla hits record high, Sun Pharma 7-year high
--Indian Oil, BPCL, HPCL rise in second half of session, up 2-5 percent
--Metal stocks rise as commodities recover losses; JSW, JSPL up over 2 percent
--ITC gains for 4th straight day to 1-month high
--GNFC, Balrampur, Atul, Granules, Laurus top midcap gainers
--Dalmia Bharat, Manappuram, Firstsource, Havells, ABB top midcap losers
--Market breadth favours bulls; advance-decline ratio at 3:2
Closing Bell | Sensex, Nifty rise for 4th day but lose steam
Both headline indices finish the day up 0.2 percent. The Sensex rises 85.9 points to end at 55,550.3, having gyrated in a 785-point range during the session. The Nifty50 settles at 16,626.2, up 31.3 points.
Strength in pharma and select financial stocks countered by weakness in auto stocks. Selling pressure in heavyweights such as TCS and Nestle also comes in the way of stronger gains for headline indices.
Investors globally remain cautious about the Russia-Ukraine conflict and the prospect of faster-and-more-aggressive hikes in pandemic-era rates. (Read more on the closing bell)
CNBC-TV18 Exclusive | Shankar Sharma says recent upmove in crude oil surprising
In an exclusive interaction with CNBC-TV18, market veteran Shankar Sharma says the recent upmove in crude oil rates has come as a surprise.
He believes it is a good time for India to grab the manufacturing opportunity. "We are in a situation where both soft and hard commodities are rising," he says.
Buy Aurobindo Pharma, Balrampur Chini, Nippon Life: Hemen Kapadia
Here are three stock recommendations from Hemen Kapadia of KRChoksey Securities:
--Buy Aurobindo Pharma for a target of Rs 670 with a stop loss at Rs 630
--Buy Balrampur Chini Mills for a target of Rs 495 with a stop loss at Rs 450
--Buy Nippon Life India Asset Management for a target of Rs 329 with a stop loss at Rs 299
Citi raises India FY23 CPI forecast by 70 bps to 5.7%
According to the brokerage, the Consumer Price Index could inch to 6.3 percent on a year-on-year basis in FY23 if crude oil remains in the $110-120 range.
Citi cuts its FY23 real GDP growth projection for India by 50 basis points to 7.5 percent. It also says GDP growth could fall closer to seven percent if oil prices remain elevated. Citi Global now sees Brent crude averaging at $84 per barrel in FY23, as against $67 a barrel earlier.