NTPC, Bharat Dynamics & ICICI Bank: What Ashish Chaturmohta of JM Financial says on these stocks

Ashish Chaturmohta, Executive Director and Fund manager at JM Financial, said public sector undertakings will be in focus over the short- to medium-term timeframe. "NTPC, SJVN and Inox Wind are few of the stocks which we like in the power and energy sector," Chaturmohta told Business Today TV on Monday.

From the defence space, the market expert suggested Bharat Dynamics Ltd. "Support on the counter could be seen at Rs 1,150. One can expect Rs 1,450-1,500 levels in the coming days," Chaturmohta stated. The stock was last seen trading 2.82 per cent higher at Rs 1,259.70.

When asked to pick a large-cap stock, the market veteran liked ICICI Bank Ltd as "some positive outperformance may start coming."

Meanwhile, Indian equity benchmarks surged in early trade today to scale their all-time highs, led by gains across all sectors. The 30-share BSE Sensex pack zoomed over 1,100 points to touch an all-time high of 68,587.82 and the NSE Nifty moved more than 300 points up to scale a fresh peak of 20,602.50.

Broader market (mid- and small-cap) shares were also positive as Nifty Midcap 100 climbed 1.02 per cent and small-cap gained 1.06 per cent.

All the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 2.18 per cent, 2.10 per cent and 2.27 per cent, respectively.

On the stock-specific front, Adani Enterprises was the top gainer in the Nifty pack as the stock jumped 6.45 per cent to trade at Rs 2,515. Adani Ports, ICICI Bank, SBI and NTPC gained up to 5.04 per cent.

In contrast, Britannia Industries, Maruti and Dr Reddy's were among the top laggards.

The overall market breadth was strong as 2,409 shares were advancing while 616 were declining on BSE.

Also, NLC India, Barbeque-Nation Hospitality, Adani Green Energy and Adani Power surged up to 11.36 per cent. On the flipside, Zee Entertainment Enterprises, Kirloskar Ferrous Indus, KNR Constructions, Delta Corp and Chemplast Sanmar slipped up to 4.06 per cent.

(Disclaimer: Business Today provides stock market news 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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