Reliance Industries, HDFC, Maruti: Here's what G Chokkalingam of Equinomics says on these stocks
Top stock picks for today: In large-cap stocks, Chokkalingam told BT TV that he still finds a great opportunity in Reliance Industries (RIL). "The stock can double in 3-4 years from current levels after adjusting for the rewards given to shareholders of Jio Financial Services," he stated.
- Sep 12, 2023,
- Updated Sep 12, 2023 10:59 AM IST
G Chokkalingam, founder and MD of Equinomics Research, on Tuesday said there's no fear in the headline indices (BSE Sensex and NSE Nifty) as they've gone up around 9 per cent in the current financial year. Although, we are concerned about the broader indices and highly nervous about bubbles in the small- and mid-cap space as they gone up by over four times compared to the rise seen in headline peers, Chokkalingam told BT TV.
In large-cap stocks, the market expert said he still finds a great opportunity in Reliance Industries (RIL). "The stock can double in 3-4 years from current levels after adjusting for the rewards given to shareholders of Jio Financial Services," Chokkalingam stated.
He also suggested buying Maruti Suzuki India and HDFC Bank on the decline.
In the mid-cap IT space, the market veteran picked Mindteck (India) as the counter didn't "participate in recent broader indices' rally."
Coal India and Oil India were also among his top picks.
Meanwhile, Indian equity benchmarks traded lower in early trade today amid a highly volatile session. The domestic indices were dragged by metals, state-owned banks, consumer, automobile and energy stocks. Broader markets (mid- and small-cap shares) also felt the pain today.
Domestic investors now await retail inflation data for August and industrial output figures for July, scheduled to be released post-market hours today.
Foreign institutional investors (FIIs) bought Rs 1,473 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 366 crore of stocks, exchange data showed.
14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Metal, Nifty PSU Bank, Nifty Consumer Durables, Nifty FMCG, Nifty Auto and Nifty Oil & Gas and Nifty FMCG were underperforming the NSE platform by falling as much as 2.18 per cent, 2.43 per cent, 1.43 per cent, 0.68 per cent, 1.54 per cent and 1.89 per cent, respectively. On the flip side, Nifty Pharma edged 0.03 per cent higher.
On the stock-specific front, Adani Enterprises was the top loser in the Nifty pack as the stock cracked 2.07 per cent to trade at Rs 2,560.85. Adani Ports, Coal India, BPCL and NTPC fell up to 2.06 per cent.
In contrast, L&T, Divi's Labs, Dr Reddy's, ICICI Bank and Axis Bank were among the top gainers.
The overall market breadth was negative as 561 shares were advancing while 2,449 were declining on BSE.
Also read: L&T, PowerGrid, Jupiter Wagons, HFCL, other stocks to watch on September 12, 2023
G Chokkalingam, founder and MD of Equinomics Research, on Tuesday said there's no fear in the headline indices (BSE Sensex and NSE Nifty) as they've gone up around 9 per cent in the current financial year. Although, we are concerned about the broader indices and highly nervous about bubbles in the small- and mid-cap space as they gone up by over four times compared to the rise seen in headline peers, Chokkalingam told BT TV.
In large-cap stocks, the market expert said he still finds a great opportunity in Reliance Industries (RIL). "The stock can double in 3-4 years from current levels after adjusting for the rewards given to shareholders of Jio Financial Services," Chokkalingam stated.
He also suggested buying Maruti Suzuki India and HDFC Bank on the decline.
In the mid-cap IT space, the market veteran picked Mindteck (India) as the counter didn't "participate in recent broader indices' rally."
Coal India and Oil India were also among his top picks.
Meanwhile, Indian equity benchmarks traded lower in early trade today amid a highly volatile session. The domestic indices were dragged by metals, state-owned banks, consumer, automobile and energy stocks. Broader markets (mid- and small-cap shares) also felt the pain today.
Domestic investors now await retail inflation data for August and industrial output figures for July, scheduled to be released post-market hours today.
Foreign institutional investors (FIIs) bought Rs 1,473 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 366 crore of stocks, exchange data showed.
14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Metal, Nifty PSU Bank, Nifty Consumer Durables, Nifty FMCG, Nifty Auto and Nifty Oil & Gas and Nifty FMCG were underperforming the NSE platform by falling as much as 2.18 per cent, 2.43 per cent, 1.43 per cent, 0.68 per cent, 1.54 per cent and 1.89 per cent, respectively. On the flip side, Nifty Pharma edged 0.03 per cent higher.
On the stock-specific front, Adani Enterprises was the top loser in the Nifty pack as the stock cracked 2.07 per cent to trade at Rs 2,560.85. Adani Ports, Coal India, BPCL and NTPC fell up to 2.06 per cent.
In contrast, L&T, Divi's Labs, Dr Reddy's, ICICI Bank and Axis Bank were among the top gainers.
The overall market breadth was negative as 561 shares were advancing while 2,449 were declining on BSE.
Also read: L&T, PowerGrid, Jupiter Wagons, HFCL, other stocks to watch on September 12, 2023