Indian Stock Market Remains Muted Amid Selective Buying and Selling Pressure

Strategic Insights -

The Indian stock market remained sluggish in midday trade, with the Nifty 50 and Sensex slipping into the red, despite selective buying in metals and PSU banks. The market saw a mixed performance, with select stocks making significant moves. Among the key movers, Tata Steel and Suzlon saw gains, while Bata India and Supreme Industries faced losses.

Key Takeaways:

  • Tata Steel's share price jumped 3% intra-day, with Motilal Oswal upgrading the stock to Buy with a target of Rs 210 per share, implying an upside of 19% from current levels.
  • Supreme Industries' share price declined over 4% after a disappointing Q2, with the company reporting muted operating performance (EBITDA down 7% YoY).
  • Bata India's share price fell sharply by 6.81% to Rs 1,090 after a 73% year-on-year drop in net profit to Rs 13 crore for the September quarter.
  • Kirloskar Oil Engines' share price jumped over 7% to Rs 1,003 amid unusually heavy trading activity.
  • Vodafone Idea's share price saw profit booking after a sharp 10% surge, with Motilal Oswal upgrading the stock to Neutral from Sell.
  • Suzlon's share price gained 3.6% intra-day, with a 12-month price target of Rs 66 per share set by JM Financial on October 13.

Statistics:

  • Tata Steel's share price target of Rs 210 implies an upside of 19% from current levels.
  • Supreme Industries' EBITDA declined 7% YoY in Q2.
  • Bata India's net profit dropped 73% YoY to Rs 13 crore for the September quarter.
  • Kirloskar Oil Engines' share price jumped 7% over 1,003 amidst unusually heavy trading activity (25 lakh shares changing hands compared to the usual 1.64 lakh).
  • Vodafone Idea's share price declined 4% intra-day despite an upgrade to Neutral from Sell by Motilal Oswal.
  • Suzlon's 12-month price target is set at Rs 66 per share by JM Financial on October 13.

Sources:

  • IE Online Media Services Pvt. Ltd.
  • Contify.com
  • Motilal Oswal
  • Bata India
  • Supreme Industries
  • Kirloskar Oil Engines
  • Vodafone Idea
  • Suzlon
  • JM Financial