Samvardhana Motherson & Divi's Labs: What Ruchit Jain of 5paisa says on these 2 stocks

Ruchit Jain, lead research analyst at 5paisa, said traders should opt for a 'buy-on-dip' strategy amid the current scenario. On the stock-specific front, the market expert selected Samvardhana Motherson International Ltd as one of his top picks for the first trading day of calendar year 2024. "One can consider buying this stock at current levels with stop loss below Rs 98. And, expected targets would be Rs 108-110 levels," Jain told Business Today TV on Monday. The stock was last seen trading 3.82 per cent higher at Rs 105.90.

The other stock which the market expert suggested was Divi's Laboratories Ltd. "Keep stop loss placed at Rs 3,840 for potential targets of Rs 4,000-4,020," he stated. The counter was last seen trading 0.18 per cent higher at Rs 3,908.70.

Meanwhile, Indian equity benchmarks began calendar year 2024 on a tepid note. The domestic benchmarks slipped into the red in early trade on Monday, dragged by technology, banks and financials.

Indian stock exchanges, including BSE and NSE, were open for trading today. This is against a market holiday across the US, the UK, China, Japan, Hong Kong, Germany, France, Singapore, South Korea, Taiwan, Italy, Spain and a dozen other share markets globally.

Back home, foreign institutional investors (FIIs) bought Indian shares on a net basis during the previous session, purchasing Rs 1,459.12 crore and domestic institutional investors (DIIs) picked up shares worth Rs 554.39 crore.

Seven out of the 15 sector gauges -- compiled by the NSE -- were trading in the red today. Sub-indexes Nifty IT, Nifty Bank and Nifty Financial Services were underperforming the NSE platform by falling as much as 0.42 per cent, 0.31 per cent and 0.34 per cent, respectively.

On the stock-specific front, Eicher Motors was the top loser in the Nifty pack as the stock cracked 0.81 per cent to trade at Rs 4,109.8. Bharti Airtel, M&M, Axis Bank and Tata Consumer Products fell up to 0.73 per cent.

In contrast, Coal India, Tata Motors, BPCL, Dr Reddy's and Grasim Industries were among the top gainers.

The overall market breadth was slightly strong as 1,990 shares were advancing while 1,794 were declining on BSE.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

Also read: Stock recommendations by market analyst for January 1, 2024: Dabur India, Suven Pharmaceuticals and Samvardhana Motherson