Ahead of next week’s national elections, the domestic stock indices, Nifty 50 and Sensex, experienced a mix of gains and losses on Friday. Despite a modest rise, they recorded their first weekly decline in three weeks. The NSE Nifty 50 closed up 0.2% at 22,531 points, and the S&P BSE Sensex increased by 0.1% to 73,961 points. Both indices saw gains of up to 0.7% earlier in the day but later gave up those gains.
India’s weeks-long election campaign ends today, June 1, with votes being counted on June 4. Investors are keenly watching for the exit poll results.
Market analysts noted that the stock market remained volatile and biased downward throughout the week, anticipating the election results. With voting starting early next week, the market may stay uncertain until the final results are in. Despite strong economic fundamentals, the market’s recent increase might lead to some profit-taking.
Amar Ambani, Executive Director at YES Securities, recommended several stocks to buy ahead of the 18th Lok Sabha election results.
“The market is in a wait-and-watch mode. A clear mandate would boost confidence in India, ensuring policy continuity. We can expect positive FII flows if there’s a clear majority in the election results. After the elections, the Indian economy will continue its growth path, and we expect the capital markets to be strong in the coming year,” said Amar Ambani.
Election Stock Picks: Amar Ambani Recommends These Five Stocks
NTPC
Current Market Price (CMP): ₹359
Target Price: ₹419
Potential Upside: 17%
SBI
CMP: ₹830
Target Price: ₹1,000
Potential Upside: 20.5%
Texmaco Rail & Engineering Ltd
CMP: ₹199
Target Price: ₹250
Potential Upside: 26%
GMR Airports Infrastructure Ltd
CMP: ₹85
Target Price: ₹100
Potential Upside: 18%
These stocks are recommended for their potential to perform well post-elections, especially if there’s a clear mandate ensuring policy stability and investor confidence.
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