Stock Market Highlights: Nifty holds on to levels around 22,200, Sensex around 73,100

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Sharp fall in Westlife Food, stock nearly 6% down today.

Sharp fall in Shriram Finance shares, more than 8% off highs.

IndoStar to issue 1.31 crore convertible warrants worth ₹256.6 crore to promoter BCP V Multiple.

Angel One on Tuesday said that it has been selected as an associate partner for IPL for a period of five years, from 2024 to 2028.

Shares of Wockhardt tumbled 3% off highs, on track to snap three-day gaining streak.

Mitessh Thakkar, Technical Analyst recommends:

Sell Dr Lal Pathlabs with a stop loss of ₹2,425 and a target price of ₹2,330

Buy Latent View with a stop loss of ₹519 and a target of ₹550

Happiest Minds on Tuesday announced new vertical organization structure comprising six new industry groups.

Mahanagar Gas to acquire 31% in 3EV for ₹96 crore.

Shilpa Rout of Prabhudas Lilladher suggests:

Buy LIC Housing Finance with a stop loss of ₹650 and target of ₹700
Sell Petronet LNG with a stop loss of ₹288 and target of ₹275-270

Anand James, Chief Market Strategist at Geojit Financial Services on Nifty outlook:

Yesterday’s declines stopped just short of touching our downside marker of 22055, but the swing higher thereof failed to gain enough momentum to completely shrug off the bearish grip. Therefore, we start again today with sideways expectation, with upsides requiring push beyond the congestion resistance of 22240-280 region to signal strength, and a slippage beyond 22055/22000 to hasten downside momentum. Until then, expect swings on either side of 22140.

“There are indications of exhaustion in the market rally, particularly in the broader market. Higher valuations are constraining the bulls and there are no major positive triggers in the near-term that can sustain the rally beyond a point. Expectations of backloading of the rate cuts from the Fed and the consensus lowering of the number of rate cuts this year also are likely to restrain the rally in the mother market US. This will have its repercussions in the Indian market too.
Kotak small cap joining Tata and Nippon small cap funds in putting restrictions on investment in their small cap fund is another red flag regarding the excessive valuations of the small cap segment. Investors should take cues from this and partially move money to the safety of large caps.”

MCX shares slip in trade Tuesday, more than 2% off highs.

Route Mobile partners with Billeasy for ticket purchase experience at Maha metro Pune.

Indus Towers shares fall more than 1% ahead of Vodafone Idea board meet to mull fund raise today.

ICICI Bank likely to have bought 1.4% stake in ICICI Lombard via block deals, Bharti Enterprises is likely seller, sources tell CNBC-TV18.

Amit Anwani, Research Analyst, Prabhudas Lilladher on Industrial stocks

“For me ABB, Siemens remains a long term positive. ABB, if you see the all three business verticals, including electrification, which is now commanding almost 17-18% EBIT margin, versus 12-13% to three years back and at the same time, the strategy of the company to penetrate into the tier-two, tier-three, tier-four cities or towns with low mid voltage product, and this level of customer engagement where they’re commanding premium and beating the competition in many fronts. So I think there will definitely be a premium in these talks because their technological leader top three and the way their margins are shaping up the product mix is shaping up, all the high growth segments are contributing well, including data centers, electronics and renewables. So I think there will be a premium but having said that the current rally in this space in past two months, definitely there is some discomfort at this price. But I’m long term positive on this space.”

Amnish Aggarwal, Head-Research, Prabhudas Lilladher

On Indus Tower: Once a capital infusion comes in the company, the company does better. So I think that tower companies should be looked at more as a companies with less operating leverage and more sustainable business model and cash flows. I think from hereon in the long term, all the tower companies including Indus Towers should do well.

On TCS: It’s a very structural play because whenever anything changes in the IT in terms of technology, in terms of the new segments coming into play, these large cap companies or the larger companies, they are present in each and every segment. So to that extent, I think whatever the technological changes happen, whether it is from the AI front, TCS and Infosys always tend to gain. So I think in the long term, once the sector revives, there is more certainty on the growth, which is likely to be couple of quarters down the line. That should benefit companies like TCS and if you look at the stock, I think, except the run up in the last six months or so, the stock has not done anything from practically last two, two and a half years. So that makes TCS an interesting by looking at the fact that if you look at the broader market, the markets are today quite a bit priced in. A lot of the sectors are trading at near term high valuations or maybe close to that. So that makes some of these IT stocks a good pick however, one should be ready to even bear the pain for one or two quarters till that time there are clear signals on the demand uptick more from the US and the European markets.

Sudarshan Sukhani, Technical Analyst, recommends:

Buy Tata Motors with a stop loss of ₹926

Buy Adani Enterprises with a stop loss of ₹3,270

Sell AU Small Finance Bank with a stop loss of ₹600

Buy Bata India with a stop loss of ₹1,410