BHEL, SAIL: Here's what Vinit Bolinjkar of Ventura Securities says on these 2 stocks

Vinit Bolinjkar, Head of Research at Ventura Securities, on Tuesday said market would continue to remain rangebound until NSE Nifty gives a decisive breakout above 19,600. In the PSU stack, Bolinjkar told BT TV that Bharat Heavy Electricals Ltd (BHEL) would be among the top in his list. "Over the next few years, India is going to need a lot of thermal capacity. There's only one player who can fulfill that target and that is BHEL. BHEL is not only all about thermal power, it is also related to defence, railways, renewable energy, exports and more. Once it sustains Rs 140, the stock will gradually move towards Rs 180-200," the market expert stated.

The other stock which Bolinjkar suggested was Steel Authority of India Ltd (SAIL). There's a lot of steam left on the counter, he said. When asked about price targets, Bolinjkar said, "I would stay invested in steel stocks for the next couple of years. And, we've not initiated coverage SAIL."

The market veteran also liked Oil India and ONGC (Oil and Natural Gas Corporation).

Meanwhile, Indian equity benchmarks started on a positive note today, led by gains in media, energy, state-owned banks, consumer goods and technology stocks. Asian markets declined today. US markets were closed on Monday.

Back home, foreign institutional investors (FIIs) sold shares worth Rs 3,368 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares worth Rs 2,563 crore, according to stock exchange data.

10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Oil & Gas, Nifty Media, Nifty PSU Bank, Nifty FMCG and Nifty IT were outperforming the NSE platform by rising as much as 1.40 per cent, 3.65 per cent, 1 per cent, 0.50 per cent and 0.65 per cent, respectively.

On the stock-specific front, Apollo Hospitals was the top gainer in the Nifty pack as the stock jumped 2.95 per cent to trade at Rs 4,967. BPCL, Jio Financial Services, ONGC and LTI Mindtree rose up to 2.03 per cent.

In contrast, NTPC, Tata Steel, Dr Reddy's, UltraTech Cement and SBI Life were among the top laggards.

The overall market breadth was positive as 2,269 shares were advancing while 1,137 were declining on BSE.

On the 30-share BSE index, heavyweights such as Reliance Industries, Infosys, L&T, Tata Consultancy Services (TCS), Kotak Mahindra Bank and ITC were among the top gainers.

 

Also read: Stocks that share market analysts recommended on September 5, 2023: Nestle India, APL Apollo Tubes, Tech Mahindra, and Axis Bank

Also read: Vishnu Prakash R Punglia shares listing, IRCON, Kajaria Ceramics ex-dividend stocks in Top News on September 5: Share markets, Bank Nifty, Garena Free Fire India launch, National Teachers' Award 2023

Also read: Stocks to watch on September 5, 2023: Oil India, Vishnu Prakash Punglia, Jio Financial Services, Ircon, Kajaria Ceramics, Adani Ports, others