Stock market today: Domestic equity benchmarks Sensex and Nifty 50 reached fresh all-time highs in intraday trading but failed to sustain those gains, ending with mild losses amid weak global cues. Shares of HDFC Bank, Larsen & Toubro, Infosys, and TCS supported the key indices most, keeping their losses limited.
Nifty 50 hit its fresh all-time high of 24,236.35 during the session but closed 18 points, or 0.07 per cent, lower at 24,123.85. The 30-share pack Sensex also hit its fresh record high of 79,855.87 but slipped 35 points, or 0.04 per cent, to close at 79,441.45. Profit booking in select heavyweights, such as ICICI Bank, Bharti Airtel, Kotak Mahindra Bank, and SBI, dragged the indices down.
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Lack of fresh triggers back home and weak global cues kept investors’ risk appetite low. The BSE Midcap index declined 0.57 per cent; however, the Smallcap index ended with a nominal gain of 0.07 per cent. The frontline indices gained over 6.67 per cent in June, recording their best monthly gains this year.
In the current market scenario, domestic brokerage firm SMC Global Securities has released its top four stock picks for this week. The brokerage has selected the quality stocks on technical as well as fundamental parameters. The stocks have robust fundamentals and are well-placed to yield good returns for investors in the next one-year time frame, according to the brokerage.
Weekly Stock Picks by SMC Global Securities
Let’s take a look at the top four technical and fundamental stocks for this week by brokerage SMC Global Securities:
1.Dabur India Ltd: Current Market Price (CMP): ₹603.17; Target Price: ₹697, Upside: 16 per cent
Dabur’s fast-moving consumer goods (FMCG) business posted a volume growth of 5.5 per cent in FY24. The India Business saw its key brands and products post category-leading growths with market share gains across 95 per cent of the portfolio. Despite the macroeconomic headwinds, the company remained focused on rolling its consumer-centric innovation and investing heavily behind its brands, which increased by 33 per cent, to drive demand and also sustain the growth momentum.
Dabur India continued to execute on its strategic playbook by driving operational excellence, delivering innovative and premium products, and expanding its retail footprint to build the foundation for long-term profitable, sustainable growth. The stock is expected to see a price target of Rs. 697 in 8 to 10 months’ time frame on a three years average P/BV of 11.42x and FY25BVPS of Rs.61.03.
