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Overweight on FMCG space: Edelweiss Securities' Abneesh Roy
Abneesh Roy, Executive Director-Institutional Equities at Edelweiss Securities, tells CNBC-TV18 he likes stocks such as Hindustan Unilever, Britannia, ITC and Asian Paints from the FMCG basket.
Almost all companies in the FMCG space will benenfit in the second half of the financial year, he says.
Market At Close | Sensex and Nifty50 extend gains to second day amid positive global cues
Here are some highlights:
--Financial and Reliance stocks biggest contributors to gain in Nifty
--IT stocks fall despite a strong quarterly performance and guidance upgrade by Accenture
--OMC stocks fall tracking crude oil rates
--Auto scrips rise for second straight day amid reports of strong demand
--M&M hits a record high
--Hero MotoCorp, IndusInd, Bajaj Finance, Hindustan Unilever and ICICI Bank top Nifty gainers
--Tech Mahindra, Infosys, Apollo Hospitals top Nifty losers
--Strides Pharma surges 10 percent on positive developments with respect on COVID vaccine
--IDFC, Granules, Crompton Consumer, Info Edge and Manappuram top midcap gainers
--Persistent, Mindtree, HPCL, L&T Info and Mphasis top midcap losers
--Market breadth favours the bulls — advance-decline ratio at 4:1
USD-INR pair lingering in bullish territory due to fears over a global recession: Heena Naik
Heena Naik, Research Analyst-Currency at Angel One, is of the view that the USD-INR is lingering in bullish territory due to fears about a global recession that have triggered huge outflows from debt and equity markets in 2022. If the rupee breaches the 78.40 level against the greenback, there is a possibility of the next key level being at 78.60, she says.
"A fall in the forward premiums of the USD-INR spot due to the RBI’s trading strategy and plausible dollar shortage has led to bigger carry trade unwinds. This rangebound-to-bullish bias is going to remain in the USD-INR spot for some time," Naik adds.
Power Grid shares trading at Rs 209
Dwarikesh Sugar see a sharp spike, at day's high
Tata Chemicals at Rs 806.1, almost 1% off day's low
15-20% of our sales are in the replacement market: Abhishek Somany of Somany Ceramics
CLSA on SBI
CLSA gives a 'buy' rating on the shares of SBI with a target price of Rs 615.
-- Growth, margin & asset quality are all heading in the right direction
-- Credit growth holding up, better than expectations
-- High certainty of improving margin
-- Valuations are undemanding
Okinawa Autotech releases statement on fire in Mangalore showroom
Recession in the US does not affect the banking sector in terms of loan demand: Sunil Subramaniam
Sunil Subramaniam, MD & CEO, Sundaram Mutual Fund said, “I see a period of earnings growth of the banking and the larger NBFCs coming in ahead of market expectations and they are not linked to the external world...recession in the US does not affect the banking sector in terms of loan demand, credit growth will grow based on the capex driven growth that India is facing." "So I see banking as an all-weather sector, if you name it, which is a reasonably good place to do your allocation,” he added.
JK Paper shares rise 4%
The company will cross Rs 5,000 crore revenue in FY23. The writing and printing paper segment will see 3-4% growth, AS Mehta of JK Paper told CNBC-TV18.
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