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Sensex extends gains to 6th day, jumps 214 pts; Nifty ends above 17,500

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Domestic equity markets ended the volatile session on a positive note on Wednesday, led by buying in the auto stocks and ahead of the central bank’s policy meeting outcome expected later this week.

The markets remained volatile amid geopolitical tensions between the US and China after the former’s House speaker Nancy Pelosi visited Taiwan, which the latter claims as its breakaway province, despite warnings.

BSE Sensex seesawed between red and green but ended 214 points or 0.37 per cent higher at 58,350.53. Its NSE counterpart, Nifty50, ended 42.7 points or 0.25 per cent to close at Rs 17,388.15.



Among the gainers, , TCS, , surged over 1 per cent each, followed by , , and RIL.

Software solution provider Subex hit an upper circuit on Wednesday after the company partnered with Jio Platforms to augment 5G product line.

Jio Platforms Limited (JPL), an Indian technology company announced a partnership with Subex for its AI Orchestration Platform, ‘HyperSense,’ which can enable telcos to deliver on the promise of AI across the data value chain, it said in an exchange filing.

Shares of climbed nearly 7 per cent in Wednesday’s trade after ET NOW reported that the airline is in talks with a Middle Eastern carrier for a 24 per cent stake sale.

As per ET NOW sources, SpiceJet is said to be in an active discussion with a Middle Eastern carrier for a possible stake sale. SpiceJet promoter Ajay Singh holds about 60 per cent stake in the airline operator.

and settled 2 per cent lower. , , and ITC also settled with minor cuts.

Following the execution of the bulk deal, shares of

dropped as much as 10 per cent during the early trade on Wednesday, before scripting a quick recovery.

The food delivery firm witnessed heavy trading volumes during the early trade amid the reported sale of 61 crore equity shares or 7.8 per cent stake by ride-hailing app Uber, which is likely to offload its entire holding in the company.

S Hariharan, Head- of Sales Trading, Emkay Global Financial Services said, “Market has rebounded strongly with a turn in the trajectory of foreign investor flows – the last 4 sessions have seen FPI inflows of nearly $1 bn. A perceived pivot in the Fed’s tightening cycle and cooling off of crude oil prices have made the macro environment more favourable for India, which has outperformed EM and Asian peers by 6% in the last week.

“Banks and autos have attracted strongest flows while IT has been an under-performer. Going forward, the gap in valuations between Nifty and MSCI Emerging Markets index, as well as the gap between the earnings yield of Nifty vs 10 year G-Sec yield, would be adverse factors and we can expect market returns to be more muted. A pull-back towards the technical support at 200-day moving average at 17,000 is possible.”

“Amidst the geopolitical storm affecting the global markets, domestic markets moved in-line with its global peers. The global market is also concerned about recessionary risk. On the domestic front, the major trigger this week will be the RBI’s policy meeting outcome, where the market is largely expecting a 25-50bps rate hike,” said Vinod Nair, Head of Research at

.

About 1,372 stocks rose, 1,975 fell and 137 remained unchanged.

Over 40% upside potential! Here’s why brokerages are bullish on this stock post Q1 performance

Shares of the steam turbine firm

Limited have delivered over 20 per cent return in the last one month. Brokerages continue to maintain their bullish stance on the stock after the company posted its earnings for the quarter ended June 2022 and believe that the momentum is likely to continue going forward.

Yes securities, in its recent report, has a ‘Buy’ call on the stock with a target price of Rs 273, signaling a potential upside of 41 per cent in the counter, from its previous close of Rs 192.95 on Tuesday.

The brokerage firm believes that the company’s strong margin profile, lean working capital, healthy cash flows, balance sheet and long-term growth prospects will support its valuations and future projections. Given the strong enquiry pipeline, management`s focus on cost rationalization, and improving operational efficiency, it expects the company to generate revenue/PAT CAGR of 25%/29% from FY21 to FY24E.

“Order book remains strong at Rs 1070 crore, providing revenue visibility for FY23. Going forward, management expects margins to be in the region of 20% and guided for 30‐35 per cent FY23 revenue growth, it added.

According to Prabhudas Lilladher, the near-term outlook remains positive given strong exports, continued domestic demand from sectors such as distilleries, steel, cement, pharma, pulp, paper, food processing etc, enhanced addressable market in energy-efficient API turbines for Oil and Gas industry and 30-100 MW turbines and capacity expansion at Sompura plant to meet the increasing demand for next couple of years.

It believes a strong order book, robust enquiry pipeline, incremental opportunity with a foray into 30-100 MW market and API Turbines, and favorable product mix are likely to aid margins and drive growth in the medium term. Accordingly, the brokerage expects a revenue/PAT CAGR of 27/34 per cent for FY22-24E.

Triveni Turbine posted a 38 per cent jump in its consolidated net profit to Rs 38.33 crore for the April-June quarter on account of higher income. The consolidated net profit in the June 2021 quarter was Rs 27.75 crore.

Its total income rose to Rs 266.49 crore in the first quarter of the current fiscal from Rs 189.61 crore in the same period of the last year.

With a market capitalisation of more than Rs 6,000 crore, the shares are trading above the 5, 10, 20, 50, 100, 200-DMA.

In a separate statement, Dhruv M Sawhney, Chairman and Managing Director, Triveni Turbine said, “The company has started FY23 on a positive note. During the quarter, we have reported yet another record order booking in a single quarter of Rs 360 crore, which will boost our performance in the year.”

Triveni Turbine Limited (TTL) has core competency in the area of industrial steam turbines, designing and manufacturing them up to 100 megawatt size.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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