Market experts provided contrasting recommendations for digital payment stocks during NDTV Profit's Ask Profit show. Rajesh Bhosale, Senior Technical Analyst at My Advisor Alpha, recommended buying One 97 Communications Ltd. (Paytm) at current market price of ₹1,754.70, citing positive bias and a vertical rally. He suggested waiting for a dip to ₹1,600 levels as an ideal buying opportunity. However, Lancelot D Cunha, CIO at ValueX Wealth Connect LLP, expressed concerns about the MDR (Merchant Discount Rate) impact on the entire digital payment system, noting that volumes will be affected by the cost attached to the new system. In today's trading session, Paytm shares gained 3.07% to ₹1,783.10, reflecting positive market sentiment toward digital payment stocks.
L&T (Larsen and Toubro Ltd.) received a 'buy at current levels' recommendation from Lancelot, who highlighted the company's strong fundamentals with equity above 50% and growing order book. The stock was trading at ₹3,833.90 with positive momentum expected to continue. Meanwhile, Dixon Technologies (India) Ltd. was advised to be held at ₹13,201.00 after correcting with the broader market, though it has rallied significantly since April. The stock has crossed 20 and 50 DMS bullish crossover with strong support at ₹12,500 levels. In today's trading, Dixon Technologies shares rose 0.01% to ₹13,196.40, showing stability despite market volatility.
Indian benchmark indices traded higher in today's session, with the Sensex gaining 410 points to 74,422.09 and the Nifty rising 136 points to 23,254.85. All sectors except IT and pharma were trading higher, with FMCG, Media, PSU Bank and Realty gaining more than 1% each. The Nifty FMCG index gained 1.69%, while PSU Bank rose 1.23%. However, the Nifty IT index fell 0.55%, bucking the positive trend across most sectors. Market breadth remained positive with 1,707 shares advancing against 2,129 declining, indicating broad-based buying interest across the market.
Nestle India Ltd. was recommended as a hold at ₹1,390 by Lancelot, who noted improving demand in volumes and reach with good quarterly results showing improved operating margins. Suzlon Energy Ltd. received a hold recommendation from Rajesh at ₹42.32, citing a sharp rally in April from ₹42-57 levels with prices retesting those levels and RSI in oversold zone. The recent fall has been in low volumes, indicating potential support levels. In today's trading, Nestle India shares rose 2.01% to ₹1,977.00, while Suzlon Energy gained 0.8% to ₹42.32.
Patanjali Foods emerged as the top gainer among NIFTY MIDCAP 150 constituents, surging 5.21% to ₹356.20 in today's session. Colgate Palmolive (India) also performed well, rising 3.33% to ₹1,881.00 amid unusual trading volumes. On the losing side, Premier Energie was the top loser, declining 5.02% to ₹897.60. TCS fell 1.24% to ₹2,223, shaving 4.31 points off the Nifty. The India VIX declined 1.49% to 13.23, indicating reduced market volatility despite the positive overall market sentiment.
