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Equity market benchmark indices Sensex and Nifty tumbled in early trade on Thursday, continuing to decline for the fifth day running, dragged by Axis Bank and overall bearish global market trends.
The announcement of a hike in securities transaction tax and short term capital gains tax in the Budget for 2024-25, heavy foreign fund outflows and profit-taking after a record rally also impacted markets’ sentiment negatively during the initial trade.
The 30-share BSE Sensex tanked 671 points to 79,477.83. The NSE Nifty tumbled 202.7 points to 24,210.80.
From the Sensex pack, Axis Bank declined nearly 6 per cent after the company’s June quarter earnings failed to cheer investors.
JSW Steel, Tata Steel, ICICI Bank, Power Grid, UltraTech Cement and Titan were the other laggards.
Share Price target & Buy call for important stocks today, according to Experts and Zee Business
Buy Rail Vikas Nigam Ltd (RVNL) shares in the cash segment for a target of Rs 610 with a stop loss at Rs 585
Buy the Rs 6,600 put option of Bajaj Finance at Rs 163 for a target of Rs 190 with a stop loss at Rs 145
Fundamental pick: Buy Quess Corp shares for a one-year target of Rs 830.
Investment idea: Buy Larsen & Toubro (L&T) shares for a one-year target of Rs 4,200
News-based pick: Buy Aditya Birla Sun Life AMC shares for a target of Rs 730 with a stop loss at Rs 696
Buy Epack Durable shares in the cash segment for a target of Rs 285 with a stop loss at Rs 268
Buy Tata Motors futures (August) for a target of Rs 1,053 with a stop loss at Rs 1,025
Buy the 1,230 put option of Axis Bank for a target of Rs 45 with a stop loss at Rs 27
Technical pick: Buy Vindhya Telelinks shares for a target of Rs 3,042 with a stop loss at Rs 2,779
Fundamental pick: Buy Campus Activewear shares for a four-month target of Rs 350
Investment idea: Buy Shilpa Medicare shares for a target of Rs 815 from a perspective of 12 months
News-based pick: Buy PG Electroplast shares for a target of Rs 417 with a stop loss at Rs 390
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
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