The Nifty Financial Services index was up with most off its components trading with gains in Tuesday’s afternoon session.
Vaishali Parekh of Prabudhas Lilladher has given a buy recommendation Indiabulls Housing Finance with a target price of rupees 780.
“The stock has corrected well from peak of rupees 919 to bottom out near rupees 666 and has indicated a bounce back with a positive candle to signify strength, with good volume participation witnessed, we recommend a buy in this stock for an upside target of rupees 780, keeping a stop loss of rupees 780,” Parekh said.
Shares Indiabulls Housing Finance (up 5.69 per cent), Shriram Transport Finance Company (up 4.20 per cent), Cholamandalam Investment & Finance Company (up 3.75 per cent) and Indiabulls Ventures (up 3.51 per cent) were the top gainers in the index.
ICICI Bank (up 2.38 per cent), Mahindra & Mahindra Financial Services (up 1.58 per cent) State Bank of India (up 1.58 per cent) and REC (up 1.08 per cent) too were trading with gains.
Inndiabulls housing Finance, incorporated in the year 2005, is a large cap company (having a market cap of rupees 29,764.37crore), operating in the finance sector.
Benchmark NSE Nifty50 index was up 90.90 points at 11,239.10 while the BSE Sensex was up 291.69 points at 37,382.51.
Among the 50 stocks in the Nifty index, 37 were trading in the green, while 13 were in the red.
Shares of Vodafone Idea, Yes Bank, IDFC First Bank, SAIL, DHFL, PNB, PC Jeweller, Dish TV India, GMR Infra and Bank of Baroda were among the most traded shares on the NSE.