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Trade Spotlight | What should you do with ITC, IndusInd Bank, United Spirits stocks?

Here's what Shrikant Chouhan of Kotak Securities advises investors holding these stocks on trading today.

October 29, 2021 / 08:37 AM IST
 
 
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Bears took full control over Dalal Street on October 28 with all sectoral indices caught in their trap, driving the benchmarks down nearly 2 percent. It was the biggest single-day fall since April 2021, as global brokerage house Morgan Stanley downgraded Indian equities to equal-weight from overweight due to expensive valuations.

The BSE Sensex fell below the psychological 60,000 mark, down 1,158.63 points, to close at 59,984.70. The Nifty50 also closed well below the crucial 18,000 milestone, falling 353.70 points, to close at 17,857.30.

Bank Nifty, metal and realty were prominent losers with more than 3 percent correction. Pharma and FMCG indices corrected around 2 percent each.

Stocks that were in focus included United Spirits, which was one of the outperformers in the broader space, hitting a record high of Rs 944.75 before closing with 1 percent gain at Rs 892.55. IndusInd Bank was the biggest gainer in the BSE Sensex as it touched a fresh 52-week high of Rs 1,242 before closing with 2.93 percent gains at Rs 1,176 after September quarter earnings.