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Stock Market Latest Update- Sensex and Nifty50 are off to a solid start

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Stock Market
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Benchmarks for Indian stocks The Sensex and Nifty50 indexes both opened higher on Wednesday, a day after investors applauded Finance Minister Nirmala Sitharaman’s Union Budget for FY23. The main indices were pushed higher by gains across sectors, with financial, oil and gas, and auto stocks leading the way. The Nifty Midcap 100 and Nifty Smallcap 100 indexes were up 1-1.5 percent in morning trade, indicating that broader markets were strengthening. With the Budget now behind them, investors’ attention has shifted back to Dalal Street’s quarterly profits. On February 2, HDFC, Tata Consumer, and Dabur are among the companies that will publish their financial results.

ITC’s stock is up 2%, according to Jefferies, who claims that the lack of a change in cigarette taxation is a comfort for the industry

On the BSE, ITC shares were up 1.5 percent at Rs 231.1 apiece, after climbing as high as 2.3 percent earlier in the day. According to Jefferies, the Union Budget has kept cigarette taxes untouched, which is a comfort for the company. The stock gets a ‘buy’ recommendation from the firm, with a target price of Rs 300 per share.

Top Sensex movers are HDFC twins, Kotak Mahindra Bank, and Axis Bank

The Bajaj brothers, ICICI Bank, and ITC were other major contributors to the 30-scrip index’s rise.

Cadila Healthcare’s stock is up 3%; The first shipment of COVID vaccination is delivered by Zydus

After Zydus delivered the first shipment of its COVID-19 vaccine, ZyCov-D, Cadila Healthcare shares jumped as much as 2.7 percent to Rs 417.8 per share on the BSE. The cost of ZyCov-D will be Rs 265 per dose. It’s a three-dose vaccine that’s given on Days 0, 28, and 56.

L&T, Indian Hotels, and Oberoi Realty.

Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services, has three trading recommendations:

  • Buy L&T with a target price of Rs 2,100 and a stop loss of Rs 1,950
  • Buy Indian Hotels with a target price of Rs 250 and a stop loss of Rs 215
  • Buy Oberoi Realty with a target price of Rs 1,025 and a stop loss of Rs 945

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