Stock Market Live: Nifty Trading Below 17850, Best Stock to Buy
Stock Market Live Updates Today 10 Feb 2023: Indian stock market indexes opened lower on Friday, tracking the negative global cues. The Nifty index opened at 17847.55 levels, down by 45.9 points while Sensex made a negative opening of 99.41 points at 60706.81 levels. The domestic markets pared some early losses and trading with a minor cut at this moment.
The market participants remained on the sidelines and avoid making any long positions ahead of the weekend and macro-economic data of the Index of Industrial Production (IIP) or Industrial growth is to be out after market hours today.
FIIs outflows continue to dent the sentiments in the markets. On February 09, Foreign Portfolio Investors were net sellers, offloading Rs 144.73 crore worth of shares, according to exchange data. Investors/traders continue to keep eye on earnings reports for more directional cues in the markets.
Stock Market Live Today
Market Live at 12.30 pm IST, the Indian stock market indices, Sensex and Nifty are trading marginally lower by 0.31 percent and 0.32 percent respectively. The Bank Nifty is up by 0.06 percent at 12.30 pm IST. The broader markets are trading higher at this moment, as Nifty midcap and smallcap indexes are trading higher by 0.22 percent and 0.61 respectively at this time.
Among the sectors, Nifty PSU Bank, Media, and Realty are trading higher whereas Energy, Metals, and FMCG are trading in the red. The top three gaining stocks in the Nifty 50 index are Adani Ports, HDFC Life, and Bajaj Finance while the top losing stocks at this moment are HCL Tech, Hindalco, and Tata Steel.
Stocks in News Today
The foreign rating agency Nomura has given a buy rating on Medplus Health Services, target cut to Rs 885 per share. The share price of Medplus Health Services is trading higher by over 5% at Rs 690 per share
Life Insurance Corporation (LIC) of India company reported a net profit of Rs Rs 6,334.19 crore for the December quarter of the financial year 2022-23 (Q3FY23), a multifold year-on-year increase on the back of strong growth. The net profit for the corresponding quarter of the previous year was Rs 234.91 crore. The share price of LIC of India is trading higher by 1.8% at Rs 624 per share
Roto Pumps has successfully incorporated a new wholly owned subsidiary named Roto Pumps MENA – FZE with Dubai Silicon Oasis, a Free Zone in Dubai (DSO). The share price of Roto Pumps is currently trading lower by 0.95% at Rs 594 per share
Gautam Adani has hired one of Wall Street’s aggressive defence law firms to fight back against claims made by short-seller Hindenburg Research. The share price of Adani Port is trading as the top gainer up 1.70% at this moment
Best Stock to Buy after Q3 earnings
Prabhudas Lilladher has given Buy rating to Hindustan Petroleum Corporation Ltd (HPCL). According to the research-based broking house, HPCL’s marketing profitability outlook has improved in the third quarter. The blended marketing margins turn positive at Rs1.8/ltr in Q4 vs a loss of Rs1.6 in Q3. Low product inventory, a ban on Russian oil products to EU, to support GRMs.
The analyst of Prabhudas Lilladher suggests buying this stock at CMP Rs 232 for a target of Rs 310 per share. The share price of HPCL is trading at Rs 232 per share
Also, read Best Stock Market Books You Must Read-2023
Trade Setup for Friday 10 Feb: Stock Market News
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