Top stock picks for today: Infosys was last seen trading 0.53 per cent lower at Rs 1,492.80 today. 
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Top stock picks for today: Infosys was last seen trading 0.53 per cent lower at Rs 1,492.80 today. Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, on Wednesday said IT, pharma and FMCG (Fast-moving consumer good) segments are likely to cushion the slide in headline indices. Investors should book profits in mid- and small-cap space, Vasudeo told BT TV.
On the stock-specific front, the market expert picked Infosys Ltd as one of his top picks. Traders can buy this stock, keeping a stop loss at Rs 1,460 for targets of Rs 1,580-1,620, Vasudeo said. The counter was last seen trading 0.53 per cent lower at Rs 1,492.80 today.
The second stock which the market expert suggested was Glenmark Pharmaceuticals Ltd. "One can buy Glenmark at the current market price (CMP) with a stop loss of Rs 718 for targets of Rs 874-900 in 6-7 days," he stated.
When asked about Larsen & Toubro (L&T), Vasudeo said, "Some kind of a consolidation is warranted in the stock after a three-day rally. One should accumulate it at around Rs 2,900-2,850 levels, keeping a stop loss at Rs 2,732. On the higher side, this counter may see Rs 3,100-3,200 levels in a couple of months." L&T was last seen trading 1.11 per cent down at Rs 2,910.15.
Meanwhile, Indian equity benchmarks traded lower today in a highly volatile session. The domestic indices were dragged by banks, financials, automobile, metals, technology and consumer durable stocks. Broader markets (mid- and small-cap shares) were also weak.
On the global front, Asian markets were subdued. Overnight, Wall Street equities closed lower overnight ahead of key US inflation data, due later today.
Back home, foreign institutional investors (FIIs) sold Rs 1,047 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 259 crore worth of shares, exchange data showed.
14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Metal, Nifty OIT and Nifty Consumer Durables were underperforming the NSE platform by falling as much as 0.39 per cent, 0.59 per cent, 0.80 per cent, 0.52 per cent, 0.28 per cent and 0.56 per cent, respectively. On the flip side, Nifty FMCG edged 0.15 per cent higher.
On the stock-specific front, HDFC Life was the top loser in the Nifty pack as the stock cracked 1.28 per cent to trade at Rs 652.5. ICICI Bank, M&M, Bajaj Finserv and Adani Ports fell up to 0.96 per cent.
In contrast, Grasim Industries, Coal India, ITC, UltraTech Cement and BPCL were among the top gainers.
The overall market breadth was slightly negative as 1,309 shares were advancing while 1,499 were declining on BSE.
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