Nifty lost 220 points (-7.1%) & Sensex lost 770 points (-7.63%) in the last week. Nifty closed below the 2,900 mark while the Sensex drifted below the 9,500 level. Hopes of further rate cuts by the RBI, Rate reduce in fuel prices and a likely second government stimulus package to pump prime the economy may trigger a recovery on the bourses after a sharp slide last week.
Foreign institutional investors (FIIs) were net sellers of Rs 344.91 crore (provisional) today, according to data released by BSE.While FIIs made gross purchases of Rs 207.09 crore, gross sales totalled Rs 552 crore.
State run Bharat Heavy Electricals (BHEL) today said it has bagged a Rs 5,040 crore contract from Jindal Power for setting up 2,400 Mw power plant in Chhattisgarh.
CMP: Rs 2,409
Target price: Rs 3,990
ICICI Securities has recommended a buy rating on Educomp, citing the increasing education spend by the government. “In the current economic slowdown, we believe that education spend will be the least affected given the increasing importance to education by the government and the private sector. Education spend is the last item to be cut by private households in the current slowdown as it forms a mere 7-8% of the total consumption expenditure,” the brokerage said in a not to its clients.
CMP: Rs 1,235
Target price: Rs 1,549
Antique Stockbroking has rated Britannia a buy, citing improvement in sales, profits and operating profit margins over the next couple of years.
CMP: Rs 236.95
Target price: Rs 313
Kotak Securities’ private client research has maintained an accumulate rating on Piramal Healthcare, post the acquisition of Minrad International.
As stock markets stay volatile, experts say companies may not find enough takers for new equity offerings