Nifty Open Higher; Banking, I.T. Stocks Rise [09-02-2022]

Nifty Open Higher: India’s stock benchmarks opened higher, aided by gains in banking, information technology and consumer durables stocks, amid rise in equities across the world.

The S&P BSE Sensex rose 0.73% to 58,232.30. The NSE Nifty 50 also advanced by similar magnitude to 17,385.70.

The broader indices almost mirrored their larger peers with the S&P BSE MidCap rising 0.8% and S&P BSE SmallCap adding 0.92%. Barring S&P BSE Telecom, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Information Technology, Consumer Durables, Realty gaining over 1%.

The market breadth was skewed in the favour of bulls. About 1,820 stocks advanced, 631 declined and 81 remained unchanged.

Redington Rises The Most In Nearly Two Weeks As Analysts Retain ‘Buy’ After Q3 Beat

Shares of Redington India Ltd. rose over 6%, the most in nearly two weeks, after analysts retained ‘buy’ after the company reported net income above average analyst estimate, for quarter-ended December.

  • Investec says Q3 a defining quarter for the Redington as it marked leadership transition, working capital normalisation and strong margin performance at a challenging period.
  • Invests expects decline in margins once supply side shortages normalise, but maintains ‘buy’ with target price cut to Rs 185 from Rs 190; still an implied upside of 11.31%

Source: Bloomberg, Brokerage Note

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