Top 10 stocks for today

17 Jun 2022 , 08:09 AM

Following the Federal Reserve’s highest rate hike since 1994, stock indexes in the United States fell significantly in a broad sell-off on Thursday, as recession fears grew as central banks around the world moved to contain growing inflation.

The S&P 500 index fell for the sixth time in seven sessions. Stocks surged on Wednesday after the Federal Reserve raised interest rates by 75 basis points, as expected, helping the index snap its longest losing streak since early January. Here are the top 10 stocks for today:

1. LIC:

The stock has been hammered since its IPO and with the broad-based selling seen yesterday, the stock can go further today. It has also increased its stake in Dr. Reddy’s.

1. Dr. Reddy’s:

Life India Corporation, one of the largest domestic investors, has increased its stake in the company to 5.65%.  Stock to remain on focus today.

1. Maruti Suzuki:

Jefferies, a global financial research firm, upgraded the stock to a buy. The stock closed flat after widespread selling across sectors in the markets.

1. Reliance Industries:

On June 16, the stock price fell a percent after climbing over 2% in the early hours of trading. JPMorgan India increased the stock’s rating and boosted the price target. Reliance’s rating was improved to overweight from neutral, and the target was lifted to Rs3,170 per share from Rs2,575 per share, representing a gain of more than 22% over the next 12 months.

1. SpiceJet:

The hike in ATF is eating away the margins of all airlines, the stock fell 6% yesterday and further selling can be seen today.

1. ITC:

The FMCG major stock price dropped over a percent on June 16. Better than projected demand recovery, strong margin outlook on cigarettes, sales momentum in the FMCG industry, decreased drag from the hotels business, and better capital allocation in recent years are all big wins for the company. If the broader market supports this stock may see some buying.

1. Usha Martin:

The stock dropped more than 6% after promoters sold 63,000 shares in Usha Martin. On June 14 and 16, promoter entities Peterhouse Investments & PACs sold 63,000 equity shares in the company in open market transactions. As a result, their stake in the company has dropped to 1.91%, down from 1.94% previously.

1. Adani Power:

In keeping with market sentiment, the stock dropped nearly 4%. The Supreme Court has ordered Haryana Discom to pay Adani Power (Mundra) Rs1,408 crore before June 28. On Adani Power’s appeal, the Supreme Court issued a notice to Uttar Haryana Bijli Vitran Nigam (Mundra).

1. UPL:

UPL, through its subsidiary USCL, has purchased Kudos Chemie for Rs40 crore and plans to spend Rs237 crore on the company over the next two years, according to the NCLT-approved resolution plan. Kudos has a manufacturing facility near Chandigarh that produces specialty chemicals used as beverage and pharmaceutical additives.

1. Wipro:

Wipro and Eros Investments have formed a partnership. Eros Investments has partnered with Wipro to develop and expand a content translation solution based on artificial intelligence (AI) and machine learning (ML). The platform-as-a-service and private cloud deployment methods for the joint content localization service will be accessible to media and entertainment organizations.