Government Banks and Metal Stocks Surge Over 1%; SAIL and Nalco Lead with 4% Gains Amid Realty and Auto Sector Pressure.

Market Overview

Government banks and metal stocks performed well today, with both sector indices showing an increase of over one percent. Notably, shares of companies like Sail and Nalco surged by more than 4%.

Realty and Auto Stocks Face Pressure

In contrast, the real estate and automobile sectors experienced some pressure. The new income tax bill did not introduce any changes to corporate tax for insurance companies. As a result, shares of insurance companies saw positive movement, with SBI Life, MFSL, and HDFC Life rising by 3-4%.

Investment Recommendations

Dealers suggested that clients consider investing in shares of NMDC and Tata Motors today.

NMDC Insights

Dealers recommended shopping for NMDC shares, highlighting a bullish sentiment in the metal sector. They expect a target price of Rs 65-66 for the stock, advocating a buy-and-sell-tomorrow strategy.

Tata Motors Outlook

For Tata Motors, dealers are optimistic as well. They noted a positive trend in the stock, with a reduction in open interest by 3%, indicating short covering. Expectations are set for the stock to reach targets between Rs 700-725, suggesting a favorable outlook for auto stocks.