NEW DELHI: Heavyweight emerged as the biggest drag on equity benchmarks for a second straight day on Friday as selling continued in the counter, disappointing those who were looking for a recovery.
Analysts were far from impressed with the capex plans that the company laid out a day prior, dampening investors’ spirits. However, most of them maintained their targets, suggesting that there is still some upside potential in the stock.
Despite Reliance ending in the red, benchmark indices closed with gains thanks largely to banking and financial stocks that did most of the heavy lifting. Metal and select IT stocks also came to the rescue, nullifying the impact of Reliance.
IT stocks get Accenture kick
As the June quarter results are approaching, IT stocks have already been on the radar of investors. They now have another reason to binge on these shares.
Accenture raised revenue growth forecast to 10-11 per cent for fiscal year 2021, which bodes well for domestic IT companies that analysts say can surprise the Street in the forthcoming earnings season.
Accenture’s performance and revenue guidance is typically seen as a barometer for the performance of Indian technology companies.
Maruti in a fast lane
Even as most auto stocks seem to be stuck in a traffic jam, without much movement, there is one stock that has been an outlier.
surged about 11 per cent this week.
The major reason behind the rally seems to be another price hike that the company is seeking, though it has not announced the quantum of the hike. When announced, it will be the third such hike by the company in this calendar.
Dolly buys stake in a smallcap
Value investor Dolly Khanna is known to find hidden gems from the smallcap space, and this time she has found a textile company that is barely valued at Rs 145 crore, that too after its stock jumped 20 per cent on Friday.
Khanna bought a stake of about 1.06 per cent (76,555 shares) in
at Rs 167.2 per share through a bulk deal on BSE. The deal was worth Rs 1.28 crore at the price. After the deal, the stock ended at Rs 201.90.
Now, it needs to be seen how much more it will grow!