Election Stock Picks: The domestic benchmark indices, the Nifty 50 and the Sensex, hovered between gains and losses on Friday as investors adjusted their bets ahead of next week's national elections. They closed modestly higher but saw their first weekly decline in three weeks.
The NSE Nifty 50 ended the Friday's session up 0.2% at 22,531 points, while the S&P BSE Sensex increased by 0.1% to 73,961 points. Both benchmarks increased by as much as 0.7% in early trade before giving up the gains.
The final day of India's weeks-long election campaign is today, June 1. The votes will be counted on June 4. Investors watch for the results of the exit polls once the vote is over.
In an attempt to take into account the expected outcomes of the results of the national election, market analysts believe that the equities market remained volatile and biased downward throughout the week. As the voting process gets underway early next week, the market can remain jittery until the final results are revealed and the market takes a clear course. The market has recently grown somewhat more expensive, which may lead to some profit booking even if the economic fundamentals are still strong and the secular upswing is still intact.
YES Securities Executive Director Amar Ambani recommended a few stocks that were well worth purchasing ahead of the outcome of the 18th Lok Sabha election.
“The market is presently in a wait-and-watch mode. A clear mandate would reinforce confidence in India, ensuring policy continuity. Positive FII flows can be anticipated with a clear majority in the election results. After the completion of this mega event, the Indian economy will continue on its growth path; hence, we expect capital markets to be buoyant in the year ahead," said Amar Ambani.
Also Read: Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday - June 3
Election stock picks: Amar Ambani has suggested buying these five stocks
- NTPC Ltd
Current market price (CMP): ₹359
Target Price: ₹419
Potential Upside: 17%
- SBI
CMP: ₹830
Target Price: ₹1,000
Potential Upside: 20.5%
- Bharti Airtel Ltd
CMP: ₹1,372
Target Price: ₹1,680
Potential Upside: 22%
- Texmaco Rail & Engineering Ltd
CMP: ₹199
Target Price: ₹250
Potential Upside: 26%
- GMR Airports Infrastructure Ltd
CMP: ₹85
Target Price: ₹100
Potential Upside: 18%
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 01 Jun 2024, 04:26 PM IST
