The market opened flat on the day of monthly expiry. Sensex opened at 55,988 points and Nifty opened at 16,561. At present, the Sensex is trading 60 points down at 55,880 and the Nifty is up 5 points at 16,639. Out of 30 Sensex stocks, 14 stocks are trading with gains and 16 stocks down. In which Bajaj Finserv is trading with a gain of more than 1% whereas, Bharti Airtel's stock is down more than 1%.
2,123 shares are being traded on BSE. In which 1,297 shares are rising and 743 shares are trading in the red mark. With this, the total market cap of companies listed on BSE has crossed Rs 242.02 lakh crore. Earlier on Wednesday, the Sensex closed 15 points lower at 55,944 and the Nifty climbed 10 points to 16,634.
Earlier, the US stock market also closed sharply. The Dow Jones ended with a gain of 0.11% at 35,405. The Nasdaq gained 0.15% to 15,041 and the S&P 500 gained 0.22% to end at 4,496.
Brokerage firm Emkay Global is optimistic about Canara Bank and ICICI Bank. It has a buy recommendation on the stock with an upside target of 18%. According to the brokerage, the price target of the shares can be met within the next year.
ICICI Bank
In its research report dated 25 August 2021, Emkay Global Financial recommends a buy on ICICI Bank stock with a target price of Rs 825. The current price of ICICI share is Rs 694 per share.
According to Emkay Global Financials, by FY23E/FY24E, the bank will regain its decade best ROE of 15%/16% on the back of better growth and good core profitability.
Canara Bank
In its research report dated August 25, 2021, Emkay Global Financials recommends a buy on Canara Bank stock with a target price of Rs 185. The current share price of Canara Bank is Rs 156 per share.
Let us tell you that veteran investors follow Rakesh Jhunjhunwala's shares for a value pick, there is good news for them. Warren Buffett of India has acquired a 1.59 per cent stake in Canara Bank during the April to June 2021 quarter. Canara Bank has given information about the latest shareholding pattern on the website of stock exchange BSE.
As per the Canara Bank shareholding pattern for the period April to June 2021, Jhunjhunwala has purchased 2,88,50,000 Canara Bank shares, which is approximately 1.59 per cent of Canara Bank's net shares.
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