Indian Oil and Tata Motors Stock Insights from Jainam Broking

Kiran Jani, the Head of Technical Research at Jainam Broking, has recently shared his top stock picks for the day, focusing on Indian Oil Corporation (IOC) and Tata Motors. According to Jani, IOC is expected to reach the Rs 195 mark, while currently trading at Rs 176.45, which is a 0.23% dip on the day.

When it comes to Tata Motors, Jani suggests that the stock has seen impressive growth and is worth considering for investment. He predicts it has the potential to rise to Rs 1,150, encouraging buyers to get in at current levels with a strict stop-loss set at Rs 1,040. As of now, Tata Motors has seen a 1.74% increase, hitting a one-year high of Rs 1,110.

In broader market news, Indian equity benchmarks have been on the rise, with sectors like metals, IT, pharma, consumer durables, and automobiles leading the charge. Out of 16 sector categories tracked by the NSE, 14 were in the green today, showcasing a strong market performance.

The Nifty Metal sector saw a notable increase of up to 2.62%, followed by Nifty IT, Nifty Pharma, Nifty Consumer Durables, and Nifty Auto, all experiencing positive movements. In contrast, the banking sectors, specifically Nifty Private Bank and Nifty Bank, reported slight declines of 0.25% and 0.04%, respectively.

On a stock-specific note, Apollo Hospitals emerged as a star performer within the Nifty pack, surging by 3.65% to trade at Rs 6,618.9. Other notable gainers included Divi’s Labs, SBI Life, Airtel, and Shriram Finance, which all rose by up to 3.59%.

However, not all stocks enjoyed positive outcomes. Axis Bank, ONGC, Nestle India, Tech Mahindra, and BPCL were among the biggest losers in the Nifty50 index today.

The overall market demonstrated a healthy breadth, with 2,713 shares advancing compared to 1,032 shares declining on the BSE, indicating a robust trading atmosphere.