Share/Stock Market Live Updates:Â The benchmark equity indices on the BSE and National Stock Exchange (NSE) marginally recovered from their early lows and were trading over 1.7 per cent lower during the morning deals on Monday taking cues from their global peers which crashed due to rising geopolitical tensions.
At 10:31 am, the S&P BSE Sensex was down 1,019.30 points (1.75 per cent) at 57,133.62 while the Nifty 50 was at 17,062.45, down 312.30 points (1.80 per cent). Earlier in the day, both the topline indices had opened over 2 per cent lower and slipped over 2.6 per cent in the early deals with the 30-share BSE benchmark hitting a low of 56,612.07 and the broader Nifty touching 16,916.55.
On the Sensex pack, HDFC, Tata Steel, State Bank of India (SBI), ICICI bank, IndusInd Bank, Ultratech Cement, Kotak Mahindra Bank, Bharti Airtel, HDFC Bank and Mahindra & Mahindra (M&M) were the top laggards in the morning deals that fell over 2 per cent, while on the other hand Tata Consultancy Services (TCS) was the sole gainer trading over 2 per cent higher.
Motilal Oswal Financial Services on Reliance Industries
“We value RIL’s standalone segment at 7.5x, telecom at 17x FY24E, and retail at 31x FY24E EV/EBITDA. With a target price of INR2,800, we reiterate our BUY rating on the stock. While it is difficult to value the recent foray into renewables as well as the future foray into chemicals, the current valuation multiple of the standalone business may see an upward revision going forward. Key risks to our rating could be technology risks associated with the new age renewables, high capex as well as similar large-scale announcements by other global players.”
