Sensex was down 874.16 points or 1.45% at 59,330.90, and the Nifty was down 287.70 points or 1.61% at 17,604.30. About 870 shares have advanced, 2588 shares declined, and 97 shares are unchanged.
Adani Enterprises, Adani Ports, SBI, ICICI Bank and IndusInd Bank were among the biggest losers on the Nifty, while gainers were Tata Motors, Bajaj Auto, Dr Reddy’s Laboratories, ITC and Divis Laboratories.
PSU Bank, oil & gas, power and metal indices down 4-6 percent.
The BSE midcap index shed 1.2 percent and smallcap index declined 1.9 percent.
Indian rupee closed marginally higher at 81.52 per dollar against previous close of 81.59..
CLSA maintains ‘buy’ rating on Bajaj Auto, raises target price to Rs 4,619##CLSA View on Bajaj Auto
Broking firm has maintained ‘Buy’ rating and raised the target price to Rs 4,619 per share.
Lower raw material costs, better FX realisation & richer product mix led to expansion in margin.
Increase earnings estimates to 14%/15% for FY24/25 on higher revenue & margin assumptions, reported CNBC-TV18.
Bajaj Auto was quoting at Rs 3,941.25, up Rs 223.85, or 6.02 percent on the BSE.
For Information Only
www.yuvamorcha.com, www.economiclawpractice.com, www.buysellmergers.com