Market Trend : Nifty Share Tips 24 May 2013

Equity benchmarks plunged Thursday, as ripples of the crash in Japanese shares were felt across globe, with India being no exception. The mood was further soured by the weakness in the rupee and disappointing fourth quarter numbers from State Bank of India, the country’s biggest lender.

The 30-share Sensex fell 387.91 points or 2 percent to close at 19674.33, after touching a low of 19634 intra-day. The 50-share Nifty fell points to close at 5967.05, down 127.45 points.

Realty, power, capital goods, and banking were among the worst performers, while most pharmaceutical and FMCG shares benefitted from defensive buying.

Among frontline shares, Reliance Infra, Ranbaxy Labs, Jaiprakash Associates, SBI and DLF were the big losers, falling 7-10 percent.

The downturn was broad-based with midcaps and small caps too taking a beating.

Wockhardt shares plunged 20 percent after the US FDA raised a red flag about the company’s export plant at Aurangabad.

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Market Today : Maruti Stock Recommendations

Good Morning readers, market today opened on a soft note, in the morning bell market showing some strengths. Both the benchmarks Nifty and Sensex opened on a good note supported by the stocks like Maruti, DLF, Ranbaxy etc. Maruti stock is continuing with its uptrend. Last week on Friday it closed at day's high and on the Monday morning also it is going with the same pace.

The trade is likely to turn rangebound ahead of the Reserve Bank of India's policy meet.

Maruti Suzuki Stock Recommendations :-

We expect the Maruti’s margin to improve in Q4FY2013 on back of currency benefits due to the yen’s depreciation. We are raising our FY2013 EPS estimate by 1% to Rs 66.1/share to factor the currency benefits. Our FY2014 and FY2015 EPS estimates remain unchanged at Rs 97 and Rs 120.6 respectively.

We maintain Buy recommendation on the stock with a price target of Rs 1,809.

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