Indian equity markets opened at record highs on Tuesday with the Nifty rising above the 9,700 for the first time and Sensex gaining over 100 points to a fresh record high of 31,430. IT stocks like TCS, HCL Tech and Infosys led the broader markets with gains between 1 per cent and 3.5 per cent. The IT sub-index of NSE - Nifty IT - was up over 1.5 per cent. Gains were however limited by selling in FMCG stocks - shedding up to 1 per cent. Stocks in other Asian markets were hit by escalating tensions in the Middle East, the impending testimony of the former FBI director, British elections and a European Central Bank meeting this week. Overnight, Wall Street indices slipped between 0.1 percent and 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.2 per cent, pulling back from a two-year high hit on Monday. Japan's Nikkei dropped 0.5 per cent. South Korean markets were closed for a holiday. However, Chinese shares and Hong Kong shares bucked the trend, rising 0.1 per cent and 0.3 per cent respectively.
Here are some trading calls from experts:
Ruchit Jain, technical analyst, Angel Broking:
Buy Bajaj Auto for a target price of Rs 3,110 with stop loss below Rs 2,770 (2-3 weeks)
Buy Hindustan Petroleum with for a target price of Rs 575 with stop loss below Rs 531 (1-2 weeks)
Lovelesh Sharma of Epic Research:
Buy Indian Oil for a target price of Rs 440 with stop loss at Rs 417
Buy Infosys for a target price of Rs 1,005 with stop loss at Rs 960
Buy Arvind Ltd on dips for a target price of Rs 403 with stop loss at Rs 386
Buy HDIL on dips for a target price of Rs 96.85 with stop loss at Rs 92.40
Buy Jet Airways on dips for a target price of Rs 512 with stop loss at Rs 489
Disclaimer: Investors are advised to make their own assessment before acting on the information.