2 weeks ago
Bank of Maharashtra, Hindustan Copper Buys Recommended as Nifty Weakens
On Thursday, the stock market in India had another down day — the third one in a row.
This means prices of many company shares went down a little.
The reason is that oil, which is used to make fuel, is getting expensive.
Expensive oil can make things cost more and worry investors.
Oil prices are high because peace talks in the Middle East are not going well, and Iran and the US cannot agree.
India also shared news that the prices of everyday things are rising a little faster — that's called inflation.
A big Indian company called Reliance also saw its shares drop.
But one stock expert from HDFC Securities said there are still chances to make money.
He suggested buying shares of Hindustan Copper and Bank of Maharashtra for the next one to two weeks.
Experts say the market may stay wobbly, but some dips could be buying chances.
Nifty 50 fell 0.28% to 24,368.75 and the BSE Sensex was largely flat at 77,892.50 on Thursday, a third consecutive session of decline.
Brent crude futures traded near $88.5 per barrel as stalled Middle East peace efforts kept oil prices elevated.
Reuters reported no progress in Iran-US talks to revive the interim agreement reached in June, citing a senior Iranian source.
India's retail inflation accelerated to 4.45% in July, and Reliance Industries fell 1.1% after MSCI cut its index weight.
HDFC Securities analyst Nagaraj Shetti recommended buying Hindustan Copper and Bank of Maharashtra for 1-2 week timeframes.
- Who
- Indian equity investors, benchmark indices (Nifty 50 and BSE Sensex), analyst Nagaraj Shetti of HDFC Securities, and Iran and the US over stalled Gulf peace talks.
- What
- Markets fell for a third straight session amid elevated crude prices, while a technical analyst recommended buying Hindustan Copper and Bank of Maharashtra.
- Where
- India — with the oil price concerns tied to stalled peace efforts in the Gulf/Middle East region.
- When
- Thursday, with July retail inflation data released Wednesday after market hours.
- Why
- Stalled Middle East peace efforts kept crude oil prices elevated, raising concerns over India's inflation, economic growth, fiscal position and current account balance.
Key facts
- Nifty 50
- 24,368.75, down 0.28% on Thursday
- BSE Sensex
- 77,892.50, largely flat
- Brent crude
- Near $88.5 per barrel
- India retail inflation (July)
- 4.45%
- Hindustan Copper recommendation
- Buy at ₹549, target ₹595, stoploss ₹520
- Bank of Maharashtra recommendation
- Buy at ₹81.90, target ₹88.50, stoploss ₹78
- Reliance Industries
- Down 1.1% after MSCI reduced its index weight
Sources
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