Stocks to Buy Today: Mastek Ltd, Eternal & More – Should You Invest?
Stocks to Buy Today: Mastek Ltd, Eternal etc. -Is it worth investing?
The Indian bourse performed well on Monday registering two days of decline. Both leading barometers, Sensex and Nifty rose. This increase was mainly prompted by the acquisitions in major banking stocks such as HDFC Bank and ICCI Bank following their quarterly performance.
Here is the comprehensive stock market update, and the following stocks may fetch good returns today.
Stocks News: Sensex and Nifty Ended The Day in the Green
The Bombay Stock exchange (BSE) sensex on Monday rallied 442.61 points to reach the closing rate of 82200.34 points. At one point in the day, Sensex rose even by 516 points. On the same note, National Stock Exchange (NSE) Nifty gained 122.30 points to be closed at 25,090.70 points.
It was a sudden upsurge following two days of market fall. The stocks of renowned banks such as HDFC Bank and ICICI Bank were purchased by investors as soon as their financial performance had been released.
- BSE Sensex: The sensex closed at 82200.34 points (up 0.54%) 442.61 points.
- NSE Nifty: The index finished at the 25, 090.70 points (rose by 122.30 points or 0.49%)
Top Gainers in Sensex
Of companies listed on Sensex, Eternal (previously Zomato) led the most gainers with a rise of 5.38 per cent. The company has decent financial performance in Q1 and this helped its stock.
ICICI bank also posted 2.76% growth after it posted a net profit growth of 15.9% to Q1 at 13,558 crore.
Even as loss in quarter 1 of HDFC bank dropped by 1.31% to 16,258 crore, its shares rose by 2.19% percent. Investors continued with confidence in long term prospects of the bank.
The other stocks that gained on the day include Mahindra & Mahindra, Bharat Electronics, Kotak Mahindra Bank and Tata Motors among a few others.
The Reliance Industry shares dropped
In an interesting response, the shares of Reliance Industries, the most valuable company in India with a market value dropped by 3.29%. This was even though the company posted a record quarterly profit of 26,994 crore in the April June quarter.
Other stocks, which closed being in the red, included:
- HCL Technologies
- Hindustan Unilever
- Tata Consultancy Services (TCS)
- ITC
Stocks Showing Strong Buying Signals Today
Market analysts indicate that the following stocks are giving high purchase indication today as they have broken their 52-week high scenario. This is a sign of more growth.
- Mastek Ltd
- Eternal (Zomato)
- Jyoti CNC Automation
- Persistent Systems
- Apar Industries
- UPL
- ACME Solar Holdings
These corporations are already in demand now, investors are purchasing their shares. These stocks can be considered as an investment in case you are planning to invest them according to research.
The bearish Stocks Showing Bearish Signals
On the contrary, MACD (Moving Average Convergence Divergence) has indicated negative signals in certain stocks. It implies that such stocks may experience a negative trend in the near future.
Here are the stocks showing bearish signals:
- MRPL
- Ceat
- JP Power
- AU Small Finance Bank
- Newgen Software
- Sterling and Wilson Renewable Energy
- Sumitomo Chemical India
The traders are also forewarned against investing in such stocks because they might continue facing a drop in prices.
Conclusion: Where Should You Invest?
The stock market has recorded a positive trend following two weak sessions. Market rally has been led by blue-chip banking stocks such as HDFC Bank and ICICI bank. There was however selling pressure on Reliance Industries and some IT stocks.
In case you are a short term investor or want to explore new investment avenues, bet on the stocks such as Mastek Ltd, Eternal and Persistent Systems since they are performing well.
Simultaneously, do not enter into stocks such as MRPL, Ceat and Sumitomo Chemical India as most technical indicators show that the trend is downwards.
You should never invest without researching or a financial advisor.
