SEBI-registered research analyst Kunal Bothra has recommended Hindalco Industries and Mahindra & Mahindra as top stock picks for Monday's trading session. According to reports from ET Now, Bothra has set a target price of ₹1,088 for Hindalco Industries with a current share price of ₹1,036, representing potential upside of approximately ₹52. For Mahindra & Mahindra, Bothra has set a target price of ₹3,600 with a current share price of ₹3,440, indicating potential upside of around ₹160.
Indian benchmark indices closed lower on Friday as Sensex fell 456 points while Nifty dropped 65 points, causing divergence between the two indices. As reported by The Economic Times, market sentiment remained cautious amid Middle East tensions and crude oil volatility, though strong SBI earnings provided underlying banking sector support. The closing auction sessions have been causing divergence between the indices, with Sebi remaining steadfast in its support for the newly implemented closing auction system despite initial trading fluctuations.
The Indian stock market is expected to start on a weaker note on Monday (August 10), as indicated by the GIFT Nifty. As reported by ET Now, the GIFT Nifty was trading 0.2 per cent, or 59 points, lower at 24,660.50 as of 8:15 am IST. The GIFT Nifty serves as a pre-market indicator for the Nifty 50 and often signals whether the benchmark index is likely to open higher, lower or flat based on global market cues.
According to ET Now reports, Nifty support stands at 24,300 while resistance is positioned at 24,700. In Asian markets, Japan's Nikkei 225 slipped over 2 per cent to 66,920, while South Korea's KOSPI traded about 1 per cent higher at 6,314.49. Hong Kong's Hang Seng edged 0.7 per cent higher to 25,857.50, and China's Shanghai Composite rose 0.2 per cent to 3,948.76.
Investors face crucial triggers next week, including over 2,000 Q1 earnings announcements, crude oil price movements amid Middle East geopolitical tensions, US nonfarm payroll data influencing Federal Reserve interest rate policy, and ongoing foreign institutional investment trends. As reported by The Economic Times, BSE's derivatives activity fell sharply in the first week of the Closing Auction Session, but higher premiums more than offset the decline in contracts, with premium per contract surging 74.8% and average daily premium turnover lifting 21.3%, pushing BSE's market share to 37.1%.
