Dealing Room Check:- There was buying enthusiasm in metal stocks today due to the government’s preparation to provide relief to domestic steel companies. SAIL became the top gainer in futures with a jump of nearly 4%. Along with this, JSPL, Hindalco and JSW Steel were also seen bright. There was a glow in ITC due to non-imposition of 35% duty on tobacco in the GST meeting. The stock went up almost two percent. Due to increase in GST on second hand EV vehicles from 12% to 18%, the share of car trade slipped by more than 5%. At the same time, due to postponement of the decision to reduce GST, there was sharp selling in insurance shares. New India Assurance, GICRE and GO DIGIT saw a decline of 3 to 8%. Here, dealers today advised their clients to place bets in the shares of JSW Steel and IRFC.
CNBC-Awaaz’s Yatin Mota quoted sources in the dealing rooms as saying that today dealers have bought shares in the metal sector. Dealers have advised their clients to buy shares of JSW Steel. According to dealers, there has been short covering in metal shares. Dealers have advised to buy BTST in the stock i.e. buy today and sell tomorrow. According to dealers, targets of Rs 950-960 are possible.
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As for other stocks, dealers today gave bullish opinion on railway sector shares. Yatin Mota said that dealers have advised to buy IRFC shares. According to dealers, buying of shares by HNIs has been seen. Dealers have given targets of Rs 152-155 on this stock. Dealers say that there is BTST i.e. advice to buy today and sell tomorrow. According to dealers, there has been buying in PSU shares today.
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