“PSU stocks have witnessed a robust recovery, indicating further upside potential. Key stocks like Canara Bank and BHEL exhibit strong buying interest, with targets towards 590-600 and 2% stop-losses,” says Rajesh Palviya.
Indian benchmark equity indices traded higher ahead of U.S. CPI inflation data. BSE Sensex and Nifty50 continued to trade higher. TCS, Infosys, Tech Mahindra, and HCL Tech rose, while ITC, SBI, NTPC, Bajaj Finance, and Bajaj Finserv traded with cuts. Aditya Birla Capital shares rose over 6% after announcing a merger with Aditya Birla Finance.
India Business News: Sensex and Nifty surged on Friday driven by robust GDP data and foreign fund inflows. India's economy grew at 8.4 percent in Q4 2023. Major gainers we
In a recent note, brokerage house Ambit Capital noted that the March quarter (Q4) outlook doesn’t suggest immediate recovery for IT. It prefers Tier-1 IT over Tier-2 IT.