Stock Market Live: Nifty trading below 17750; Best stocks to buy now
Stock Market Live updates Today 6 Feb 2023: Indian stock market indexes opened almost flat on Monday following the mixed global cues. Nifty today opened at 17818.55 levels, down by 35.5 points from the previous close while Sensex made a slightly higher opening of 5.33 points at 60847.21 levels.
Soon after opening markets extend their losses and are trading lower with a cut of around half a percent each in the morning deal deals. Traders remain cautious and avoided taking any long positions ahead of a three-day policy meeting of the Reserve Bank of India’s (RBI`s) monetary policy committee that gets started today.
The Indian central bank is likely to raise rates by 25 basis points according to the Reuters Poll, despite signs of softening retail inflation.
Traders worried as Foreign investors pulled out Rs 28,852 crore from Indian equities in January, and are consistently selling in the Indian markets, making it the worst outflow in the last seven months, primarily due to more attraction of the Chinese and other emerging markets.
Stock Market Live Today
Market Live at 1 pm IST, the Indian stock market indices, Sensex and Nifty are trading lower by 0.61 percent and 0.63 percent respectively. The Bank Nifty is down by 0.20 percent at 1 pm IST. The broader markets are trading higher at this moment, as Nifty midcap and smallcap indexes are trading higher by 0.82 percent and 0.54 respectively at this time.
Among the sectors, Nifty Media, PSU Bank, and FMCG are trading higher whereas Metals, Energy, and IT are trading in the red. The Nifty 50 gaining stocks at this moment are Adani Ports, IndusInd Bank, and Hero Motorco, and the top losing stocks are Divis Lab, JSW Steel, and Adani Enterprises.
Stocks in News Today
The share price of Easy Trip Planner gained over 5% after the company reported a 4.3% fall in its Q3 net profit at Rs 41.7 crore versus Rs 40 crore. The revenue was up 57.2% at Rs 136.1 crore versus Rs 86.6 crore, YoY. The share price of Easy Trip is trading at Rs 52.45 per share
C E Info System has further invested Rs 28.57 crore and acquired a stake in Cusmat Technology. The company has acquired 1054 CCPS with a Face value of Rs 10 each. The share price of C.E Info System is currently trading lower by 7.72% at Rs 1071 per share
Info Edge (India) announced that Startup Investments (Holding) (SIHL) a wholly-owned subsidiary of the Company has agreed to invest about Rs. 4 crores in Printo Document Services. Printo is a print-on-demand platform for personal and business print and corporate merchandise in India. The share price of Info Edge ( India) is trading higher by 1.61% at Rs 3716 per share
Vodafone Idea stock gained more than 22% after it said that the government has asked for the dues it owed to the exchequer into equity in the government’s name. The total amount to be converted into equity shares is Rs 16,133.18 crore. The share price of Vodafone Idea is trading at Rs 8.40 per share
Best Stocks to Buy Now
Prabhudas Lilladher has suggested NTPC, as the best stock to buy now. The stock is in an upward-rising channel pattern, with support near 159, which is where the significant 200 MA lies around the level. The stock is in consolidation for quite some time and moving above the 172 zones shall further strengthen the trend.
The RSI indicator is maintained a strong and has indicated upside potential to rise further. The chart of NTPC is looking attractive, Prabhudas Lilladher suggests buying and accumulating the stock for an upside target of 183 levels, keeping the stop loss at 159. The NTPC share price is now quoted at Rs 166 per share
Also, read Best Stock Market Books You Must Read-2023
Stock Market Prediction Next Week (6-10 Feb 2023)
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