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Sandip Sabharwal says HDFC Bank management working to regain confidence. The probability that it could outperform in the near term has increased. Axis Bank correction could make it attractive. Vedanta and Yes Bank are turnaround stories. NCC has strong results. VA Tech Wabag undervalued. PSU energy pack influenced by government decisions.
When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.
Shares of Mahindra & Mahindra (M&M) hit a record high in early trade today after Volkswagen inked a supply agreement for electric components of Volkswagen´s MEB and unified cells for use in the Indian firm’s electric platform INGLO. M&M shares rose 6% to a high of Rs 1864.65 against the previous close of Rs 1765.55 on BSE. Market cap of the firm rose to Rs 2.29 lakh crore.
Nifty started the day slow and did not pick up pace until the last hours of trading. It then surged to close with a gain.
Macquarie maintained underperform on United Spirits, CLSA downgraded Sun TV. Pernod India saw ~7% sales growth in Q3. United Spirits saw market share losses to Radico. Sun TV's subscriptions-led revenue was a surprise. Morgan Stanley remained overweight on M&M and HDFC Bank. HDFC Bank announced plans for new product launches.