MCX share price jumps as JP Morgan Funds buys stake in Multi Commodity Exchange

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Stock market today: Following strong global cues and trend reversal in Indian stock market today, Multi Commodity Exchange or MCX share price today appreciated around 3.50 per cent in early morning session. MCX share price today opened with an upside gap of around 34 per share and went on to climb to its intraday high of 1313.50, logging around 3.50 per cent appreciation in morning trade session. As per market analysts, short term sentiment for rise in MCX share price is mainly due to JP Morgan Funds buying fresh stake in the company.

As per the information available on BSE website, JP Morgan Indian Investment Company Mauritius Limited has bought 4,38,160 MCX shares at 1,493.25 per share price under a bulk deal of ‘S’ category whereas JP Morgan Indian Investment Trust has bought same number of shares through a bulk deal of ‘P’ category.

According to stock market experts, MCX shares are rising becuase JP Morgan Funds have bought fresh stake in the company. At a time, when FPIs are fishing out money from Indian stock market, JP Morgan buying stake in MCX indicates their strong conviction in regard to the stock, which has almost monopoly business in online trade segment. Market experts said that one can buy this stock for 3-6 month target of 1470.

Advising positional investors to buy MCX shares; Mudit Goel, Senior Research Analyst at SMC Global Securities said, “MCX share is trading sideways with positive bias. It may test 1370 apiece levels in immediate short term. Breaching this hurdle can inject fresh rally in the counter.”

Asking positional investors to buy this stock for short to medium term; Ravi Singhal, Vice Chairman at GCL Securities said, “MCX has monopoly business and it is expected to get benefit of upcoming NSE IPO as it would enhance its valuations. Similarly, LIC IPO is expected to increase new Demat Account and it may lead to opening of new Commodity Accounts as well. That is also going to fuel volume of MCX business.”

Ravi Singhal of GCL Securities said that positional investors can buy this stock for 3-6 months target of 1470 maintaining stop loss at 1224 apiece levels.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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