Dr Reddy's Labs, Bandhan Bank, MapmyIndia, Shivalik Bimetal, other stocks JM Financial is bullish on; check out targets

As the July 2024 Dalal Street session approaches, the domestic equity benchmark indices Sensex and Nifty50 closed lower in the final trading session of June. The Sensex dropped by 210 pts at 79,032.73 while the 50-share index settled at 24,010. This downturn was largely driven by declines in financial, telecom, and information technology (IT) sector stocks, including ICICI Bank (ICICIBANK), HDFC Bank (HDFCBANK), Bharti Airtel (BHARTIARTL), Tata Consultancy Services (TCS), and Infosys (INFY). Despite this dip, the indices did touch intraday highs, with the Sensex reaching 79,671 and the Nifty climbing to 24,174.

In contrast, oil & gas, consumable fuels, and healthcare sector emerged as top gainers. Stocks such as Tata Motors (TATAMOTORS), Oil and Natural Gas Corporation (ONGC), Mahanagar Gas Ltd (MGL), Indraprastha Gas Limited (IGL), and Dr Reddy's Laboratories (DRREDDY) saw notable upticks.

This mixed performance across sectors underscores the prevailing market volatility and the cautious optimism among investors seeking profit or growth opportunities.

Amidst these fluctuations, domestic brokerage firm JM Financial has handpicked bunch of stocks spanning healthcare, IT, finance, and public sector undertakings (PSUs).

SBCL

JM Financial recommends buying shares of Shivalik Bimetal Controls Ltd (SBCL) for a target price of Rs 730 over the next 12 months.

SRF

The brokerage has maintained a 'buy' call on SRF stock with a target of Rs 2,795 for the next 12 months.

Dr Reddy's Labs

They maintained a 'buy' rating on pharma sector major Dr Reddy's Laboratories shares with a target of Rs 7,390 for the same time horizon.

MapmyIndia

The domestic brokerage is bullish on CE Info Systems (MapmyIndia) shares for a one-year target of Rs 2,900.

Coal India

JM Financial has maintained a 'buy' call on Coal India Ltd (CIL) shares with a target of Rs 540.

Bandhan Bank

For the financial sector, JM Financial has a 'buy' call on Bandhan Bank with a target price of Rs 260 per share.