Stock Market Live: Nifty above 18100; Best Stock to buy now
Stock Market LIVE Today: Indian stock markets opened a gap-up on Monday amid positive cues from the global markets. The Nifty index opened at 18118.45 levels, up by 90.8 points while Sensex made an optimistic opening, up by 254.24 points at 18876.01 levels.
Soon after opening the domestic indices extended their gains in early deals on account of buying in Bankex, Telecom, and Auto counters. Traders took encouragement as the country’s forex exchange reserves jumped by $10.417 billion to $572 billion as on January 13, making it one of the biggest weekly jumps in the kitty in recent times. While In the previous reporting week, the overall reserves had dropped by $1.268 billion to $561.583 billion.
The domestic markets are trading higher following the positive global cues. The Japanese stock market is trading significantly higher, extending the gains in the previous session, following the broadly positive cues from global markets on Friday, with most Asian markets closed for the Lunar New Year holidays.
Stock Market LIVE Today
Market Live at 12.30 pm IST, the Indian stock market indices, Sensex and Nifty are trading higher by 0.49 percent and 0.47 percent respectively. The Bank Nifty is also trading higher by 0.81 percent at 12.30 pm IST. The broader markets are trading mixed at this moment, as the Nifty midcap is trading higher by 0.35 percent while smallcap index is trading lower by 0.12 percent at this time.
Among the sectors, Nifty Auto, Pharma, and Banks are trading higher whereas Realty and Metals are trading in the red. The top Nifty 50 stocks that are trading higher at this moment (at 12.30 pm IST) are Power Grid, Sun Pharma, and Eicher Motors whereas the top losing stocks are Ultratech Cement, JSW Steel, and Adani Ports.
Stocks in News Today
State Bank of India has entered into an agreement to purchase a 40% stake in Commercial Indo bank LLC, Moscow held by Canara Bank. The transaction of buying the stake is expected to be completed by March 2023 with a cost of $14.67 million. The share price of SBI is trading higher by 1.22% at Rs 599 per share
The construction arm of Larsen & Toubro has bagged orders for its Power Transmission & Distribution and Building and Factories Businesses. The share price of L&T is trading lower by 0.44 percent at Rs 2240
Meghmani Organics has announced the commissioning of Phase 1 of Titanium Dioxide Plat in Dahej, Gujarat with an installed capacity of 16500 metric tonnes per annum. The company had earlier acquired Kilburn Chemicals Ltd for Rs 132 crore in December 2021 with a 100% upfront payment. The share price of Meghmani Organics is trading lower by 6.88% at Rs 98.40 per share
Best Stocks to Buy Now
Prabhudas Lilladher has recommended TATA MOTORS as the best stock to buy now for the medium-term view. According to Prabhudas Lilladher, the stock after the decent correction has picked up well from the important support zone of Rs 375-380 levels. And currently with a short consolidation phase near the Rs 405-415 zones has moved past the significant 50EMA level of 408 improving the bias.
The RSI once again is improving the strength indicated and can carry on the momentum still further. Prabhudas Lilladher has given a buy rating of Rs 409 for the target of Rs 447 with a stop loss of Rs 392. The Tata Motors share price is trading higher by 1.4% at Rs 409 per share.
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Stock Market Prediction Next Week (23- 27 Jan 2023)
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