PCBL, Indian Hotels: Here's what Sunny Agrawal of SBI Securities says on these 2 stocks

Sunny Agrawal, Deputy Vice-President and Head of Fundamental Equity Research at SBI Securities, on Thursday said market is still rangebound and the activity continues to remain stock specific. The market expert picked PCBL as one of his top picks. "The valuation of the company is strong. One can buy this for target price of Rs 180-200 in the time horizon of 6-12 months," Agrawal told BT TV today.

The other stock which the market veteran suggested was Indian Hotels Company Ltd. "The company has lean balance sheet along with a robust set of numbers. Over a period of 6-12 months, one can easily see the targets of Rs 480-500," Agrawal said.

In the entire hotel industry pack, the market expert also liked Lemon Tree Hotels Ltd and Chalet Hotels Ltd.

Meanwhile, Indian equity benchmarks slipped into the red today, dragged by bank, financial, consumer goods and energy stocks. Although, mid- and small-cap shares were positive.

Foreign institutional investors (FIIs) sold shares worth Rs 495 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares worth Rs 1,323 crore, according to stock exchange data.

All 10 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty FMCG and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 0.34 per cent, 0.32 per cent, 0.41 per cent and 0.39 per cent, respectively.

On the stock-specific front, Adani Enterprises was the top loser in the Nifty pack as the stock cracked 3.52 per cent to trade at Rs 2,424.55. Adani Ports, Eicher Motors, BPCL and Bajaj Finance fell up to 2.91 per cent.

In contrast, Jio Financial Services, Hindalco, Maruti, LTI Mindtree and HCL Tech were among the top gainers.

The overall market breadth was positive as 1,811 shares were advancing while 1,486 were declining on BSE.

On the 30-share BSE index, Gokaldas Exports, Medplus Health Services, TCNS Clothing, Adani Green, Adani Power, Escorts Kubota and Adani Enterprises were among the top laggards.

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