HDFC,
Tata Motors, Cipla, Maruti and ITC are top gainers in the Sensex.
Among the losers are GAIL, Coal India, Lupin, Dr Reddy's Labs and
Bharti Airtel.
CLSA
is bullish on HDFC Bank and recommends buying it for a 31 percent
return in a year's time. The brokerage has set a target price of Rs
1300 per share and expects HDFC Bank to deliver a 25 percent profit
CAGR, much higher than the 20 percent growth in FY15.
It
feels that HDFC Bank's widening growth gap versus corporate banks
could expand its valuation premium as its focus is on a digital
ecosystem, targeting revenue potential and operatingefficiencies.
According to CLSA, its credit card business is also at an inflection
point and will not only drive fee growth, but will facilitate loan
and deposit relationships.
The
market is still volatile as the Sensex is down 24.39 points or 0.10
percent at 25177.51. The Nifty is down 14.95 points or 0.2 percent at
7640.10. About 743 shares have advanced, 1313 shares declined, and 69
shares are unchanged. HDFC, Tata Motors, Cipla, Maruti and ITC are
top gainers in the Sensex. Among the losers are GAIL, Coal India,
Lupin, Dr Reddy's Labs and Bharti Airtel.
Gold
extended losses into a fourth straight session on Monday, struggling
near a 2.5-week low after US payrolls data failed to provide clarity
on the timing of a Federal Reserve rate hike. Bullion had come under
pressure on Friday after data showed nonfarm payrolls increased
173,000 last month after an upwardly revised gain of 245,000 in July,
and the jobless rate dropped to a 7-1/2-year low.
The
jobs count, however, may have been tarnished by a statistical fluke
that has often led to sharp upward revisions to payroll figures for
August after initial weak readings.
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