Buzzing Stocks: SBI Cards, Adani Ports, Hindustan Copper and other stocks in news today
KRChoksey on Paras Defence:
Paras Defence and Space Technologies is one of India’s leading private sector companies in the “Indigenously Designed, Developed, and Manufactured” (“IDDM”) category, catering to four major segments of the Indian defence sector, namely defence and space optics, defence electronics, electro-magnetic pulse (“EMP”) protection solutions, and heavy engineering.
The company derives most of its revenues from the Government arms and associated entities. Additionally, increased customer demand for the company’s space optics products would boost revenue and profitability going forward. As a result, we recommend a ‘SUBSCRIBE’ rating for the Paras Defence IPO.
Nifty IT index added 1 percent led by the HCL Technologies, Mindtree, Mphasis:
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on positive note on September 21 with Nifty above 17,400 amid weak global cues.
At 09:17 IST, the Sensex was up 278.98 points or 0.48% at 58,769.91, and the Nifty was up 73.80 points or 0.42% at 17,470.70. About 1084 shares have advanced, 709 shares declined, and 95 shares are unchanged.
Indian markets are likely to open on a flat to positive note despite a sharp sell-off in global peers on the back of investors weighing the risks from Evergrande debt crisis and this week’s Federal Reserve meeting. US markets ended sharply lower amid concerns about potential ripple effects of the default of a major Chinese real estate company ahead of monetary policy meeting.
Market at pre-open: Benchmark indices are trading flat in the pre-opening session amid weak global cues.
At 09:02 IST, the Sensex was up 3.24 points or 0.01% at 58494.17, and the Nifty was up 56.10 points or 0.32% at 17453.00.
Trade Spotlight: What Should Investors Do With Hindustan Unilever, Tata Steel And Apollo Pipes?
Here’s what Vikas Jain of Reliance Securities recommends investors should do with these stocks when the market resumes trading today
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 92.54 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,626.58 crore in the Indian equity market on September 20, as per provisional data available on the NSE.
Mohit Nigam, Head – PMS, Hem Securities:
Indian equity markets could possibly follow the pressure mounted by couple of global concerns. Asian markets remain under pressure as Japan’s market is following the selloff after yesterday’s holiday while Hong Kong is trading flat early this morning. Default by China’s second largest real estate company is posing a looming threat on markets worldwide as investors await a bailout plan by government. Also, China’s stance towards private sector also appears to be less favourable as it aims to focus on environmental concerns. These factors are pushing metals and other commodities’ prices lower and hinting at further downside.
On the other hand, US Fed’s MPC meet shall begin today and investors round the globe will be awaiting their plans for timeline regarding withdrawal of monetary support. Trends on SGX Nifty hints at a support near current levels while Dow Futures have also recovered quite well by gaining nearly 0.5% this morning. Indian markets shall remain cautious and observant today while investors might as well shift their focus towards defensive counters.
On domestic front, stock specific news shall drive momentum on select counters. On technical front, 17,300 shall act as a crucial support while resistance could be seen near 17,600 levels.