India’s stock benchmarks opened lower, dragged by metals, consumer durables and metal stocks, amid weak global cues.
The S&P BSE Sensex fell 0.15% to 58,940.11. The NSE Nifty 50 also declined by similar magnitude to 17,591.55. The broader indices underperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap falling over 0.6%. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology, Consumer Durables, Metal falling over 1%.
The market breadth was skewed in the favour of bears. About 1,261 stocks advanced, 1,553 declined and 109 remained unchanged.
“Markets are under pressure due to sharp drop in values of crypto currencies and also the Nasdaq listed new-age stocks”, Deven R Choksey, MD, KRChoksey Holdings Pvt. Ltd. wrote in a note and added “though India’s economy and growth are full of promise and potential, traders may face the brunt of sell offs, largely due to the collateral damage of erosion in values of crypto and new-age stocks”.
Analyst Actions: Biocon, Hindustan Zinc, Bajaj Finserv
- Biocon raised to ‘reduce’ from ‘sell’ at Kotak Securities; price target set at Rs 350.
- Hindustan Zinc cut to ‘reduce’ at Kotak Securities; price target set at Rs 325.
- Bajaj Finserv raised to ‘reduce’ from ‘sell’ at Kotak Securities; price target set at Rs 15,900.
Source: Bloomberg
Fullerton India Partners With Paytm To Expand Digital Lending To MSMEs
Fullerton India and One97 Communications Ltd. announced partnership to provide lending products to merchant partners and consumers.
- The two firms with leverage data-driven insights and offer products like BNPL, merchant loans, personal loans.
- The firms will focus on specifically catering to MSMEs across small cities and towns.
Source: Exchange Filing
Stock Market Tips:
ICICI Bank, Bandhan Bank, Hindustan Zinc, Persistent Systems, Cipla
- ICICI Bank raised to ‘buy’ from ‘accumulate’ at Dalal & Broacha; price target set at Rs 974.
- Bandhan Bank raised to ‘hold’ from ‘sell’ at Investec; price target set at Rs 325.
- Bandhan Bank cut to ‘accumulate’ at Nirmal Bang; price target set at Rs 320.
- Hindustan Zinc raised to ‘buy’ at Systematix Shares & Stocks; price target set at Rs 385.
- Persistent Systems raised to ‘buy’ from ‘neutral’ at Phillips Securities; price target set at Rs 5,000.
- Cipla raised to ‘outperform’ from ‘neutral’ at Credit Suisse; price target set at Rs 1,150.
Source: Bloomberg
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