Market expert Raghavendra Singh on Tuesday shared his views on select stocks, including Bajaj Housing Finance Ltd and Hyundai Motor India Ltd, two companies that recently entered the stock market. In response to a question on Bajaj Housing, Singh said that a change may be seen in the stock in some time. “Those holding can continue their positions with stop loss at Rs 125. The stock may see a correction in some time,” he told Business Today TV. Shares of Bajaj Housing were last seen trading at Rs 131.30, down 1.24 per cent. The stock has declined nearly 30 per cent from its all-time high price of Rs 188.45.
When asked about Hyundai Motor, the market expert said, “The carmaker is set to grow even further in the coming years. One can hold on to this stock if it is available around Rs 1,600-1,700.” If so, investors should buy more shares.” Hyundai shares fell 1.50 per cent to Rs 1,794.95. At this price, it has fallen by about 9 percent from its record level of Rs 1,968.80.
Meanwhile, Indian equity benchmarks witnessed sharp decline in late deals led by bank, financial, consumer, automobile and metal stocks. The broader markets (medium and small-cap stocks) were also in the red.
Of the 16 sector gauges compiled by NSE, 14 were trading in the negative zone. Sub-indices Nifty Bank, Nifty Financial Services, Nifty FMCG, Nifty Consumer Durables, Nifty Auto and Nifty Metal were underperformers falling by 1.31 per cent, 1.6 per cent, 1.3 per cent, 1.03 per cent, 1.4 per cent and 0.83 per cent respectively on the NSE platform. In contrast, Nifty IT and Nifty Realty rose 0.47 per cent and 0.80 per cent respectively.
On the stock-specific front, Britannia Industries was the biggest loser in the Nifty pack as its shares fell 7.06 per cent to Rs 5,050.85. HDFC Bank, NTPC, Asian Paints and BEL fell up to 2.72 per cent.
Foreign institutional investors (FIIs) sold shares worth Rs 2,306.88 crore on a net basis during the previous session, while domestic institutional investors (DIIs) bought shares worth Rs 2,026.63 crore, according to exchange data.