#NIFTY50 Market update – Profit booking pulls down market …Banks and Tech stocks witnesses profit booking … Govt. to start Covid vaccination tomorrow
· Nifty declined over half percent and Bank Nifty slipped nearly 1% on account of profit booking. Tech, Cement, Banks and NBFC stocks are witnessing profit booking while selects Auto stocks gained.
· Traders buy on dips strategy on account of bullish sentiment in the market. Impressive quarterly results, vaccine progress and strong FIIs inflow will be positive for the market.
· Government will begin its COVID-19 vaccination drive tomorrow. Over the week, 1.65 crore doses of COVID-19 vaccine from Serum Institute of India and Bharat Biotech were shipped out to all states. Government will also launch the Co-WIN app and a dedicated 24x7 hotline - 1075, to address all queries regarding the vaccination drive.
· Stock in Momentum – Tata Motors, Ashok Leyland, PEL, India Bull Housing, ITC, IDEA, SAIL and Jindal Steel.
· Kesoram Industries declined 2%: Company to seek raising funds through the issuance of Optionally Convertible Debentures aggregating up to Rs 700 crore on private placement basis and conversion of OCDs into Equity Shares.
· Engineers India declined 1% - Company announced to buy-back share at Rs84 a share, BUY-back to open Jan 22 and closes Feb 05
· Quick Heal is trading flat – Company to invest $2mn in Israel based L7 defense. L7 is an Israel based cybersecurity start-up specializing in Application Program Interface (API) Security and Next Generation Web Application Firewall (NG-WAF)
· Garden Reach declined marginally – Company secures order worth USD 12.7 mn from Govt. of Guyana
Brokers Radar
· Bharti Airtel TGT by GOLDMAN Sachs at 670
· Jefferies TGT on ICICI Prudential at 630
· JP Morgan TGT on Aurobindo Pharma at 1050
· Morgan Stanley TGT on Britannia at 4285
· Nestle TGT by Morgan Stanley at 19902
· CLSA ONGC TGT 160.
· CLSA TGT on BPCL at 440
· CLSA TGT on GAIL at 170
· CLSA TGT on GSPL 330
· CLSA IGL TGT 615
· CLSA TGT on MGL at 1470
· CLSA TGT on Gujarat Gas at 450
· Petronet LNG TGT by CLSA at 270 #NIFTYBANK