Nifty resumed its uptrend after a day of pause and gained nearly a percent. Sentiment was upbeat mainly in response to the US Fed’s policy stance, which fell in line with market expectation. Traders also took encouragement from latest India’s export figures, showing double digit growth in the month of February compared to the same month last year. Almost all the sectoral indices participated in the move wherein metal, realty and IT topped the gainers list.
This clearly shows that markets are in no mood to slow down and gaining traction on every dip or pause. Traders should continue with buy on dips approach and avoid contrarian trades. Market is offering opportunities across the board but it’s important to keep a close eye on sector rotation and timing them accordingly.
* Larsen & Toubro announced that its arm Larsen Electrical won a Rs. 500 Cr order from Qatar rail. The scope of the order encompasses the supply, installation, testing, integration, commissioning and five years’ maintenance of network-wide building automation and control systems for 37 stations in Qatar.
* Ashoka Buildcon’s subsidiary Ashoka Concessions Ltd emerged as the lowest bidder to the NHAI for the six-laning of Ranastalam to Anandpuram (Vishakhapatnam) section of NH-5 (New NH-16) in Andhra Pradesh under the NHDP Phase-V. The stock closed up by 4.7%.
* Reliance General Insurance Company Limited announced plans to separate its retail health insurance business from its general insurance business into a separate wholly-owned subsidiary of Reliance Capital. The proposal will be subject to IRDA and other approvals. Reliance Capital closed up by 8.5%.
Religare Super Ideas
Buy UPL Limited @ 708-713 Stoploss 688 Target 760 CMP 708.70
Buy Torrent Pharmaceuticals Limited @ 1365-1375 Stoploss 1330 Target 1465 CMP 1372.75
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