06 Sep , 2022 By : Kanchan Joshi
Indian benchmark indices closed higher on Monday on gains in metals and banking stocks after logging their second straight weekly loss in the previous session. BSE Sensex rallied nearly 1% to re-visit the 59,000-mark while the NSE Nifty advanced 126 points to 17,665.8.
Most of the major Nifty sub-indexes settled higher, with the metal, private bank and bank indexes among the top performers, rising between 1% and 1.7%. In the broader market, the BSE smallcap gauge climbed 0.89% and the midcap index gained 0.46%.
Helping sentiment, foreign investors bought about $245 million worth of Indian equities this month through Friday, Refinitiv data showed, after pouring $6.44 billion last month to mark their biggest monthly net buying since December 2020.
Day trading guide for stock market today
"Nifty continues to outperform its global peers on the back of strong macro data, upcoming festive season and FIIs inflows. Mid and smallcaps continue to remain in momentum. Going forward, Nifty is likely to continue trading sideways in the absence of any major events domestically. Globally, nine central banks would meet this week for their policy announcement while the new UK Prime Minister would also be announced, which could drive the global markets in the near term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Stocks to buy today as recommended by analysts -
Mehul Kothari, AVP-Technical Research at Anand Rathi
Bandhan Bank: Buy Bandhanbank, stop loss ?275, target ?296
Trent: Buy Trent, stop loss ?1,360, target ?1,470
Anuj Gupta, Vice President - Research at IIFL Securities
RBL Bank: Buy RBLBANK, stop loss ?117, target ?135
Ashok Leyland: Buy ASHOKLEYLAND, stop loss ?154, target ?175
Sumeeta Bagadia, Executive Director at Choice Broking
JSW Steel: Buy JSWSTEEL, stop loss ?660, target ?700-720
Larsen & Toubro (L&T): Buy LT, stop loss ?1,930, target ?2,000-2,025
Rajesh Bhosale, Technical Analyst, Angel One Ltd
Birla Corp: Buy BIRLACORP, stop loss ?970, target ?1,075
Century Textiles: Buy CENTURYTEX, stop loss ?854, target ?950