Stock in focus: Rajesh Palviya of Axis Securities recommends Bharat Electronics, Ashok Leyland, and APL Apollo today
Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, began Friday's session on a flat note. Auto stocks saw gains offset by a decline in financial sectors, and a global rally sparked by expectations of a US interest rate cut fizzled out. As of 9:20 IST, the blue-chip NSE Nifty 50 fell 0.08% to 22,386.20 points, while the S&P BSE Sensex fell 0.10% to 73,581.50.
The market is expected to benefit from a number of favourable domestic and international cues, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Rate cuts by the Fed are likely as a result of the US economy's soft landing, as seen by the drop in inflation to 3.4% YoY in April and the slowdown in retail sales.
Regarding market trends, Vijayakumar clarified that the market's potential for recovery might be aided by the net institutional purchasing becoming positive, the Nifty's fast rebound of roughly 350 points from its lows, and the sizeable short position in the market. News from the political front is probably going to get better from now on. Stocks with a high FII weight, which took the brunt of selling, should continue to rise.
Also Read: Stocks to buy or sell: HAL to NCC — Sumeet Bagadia recommends five breakout stocks today — May 17 Since the past 10–12 weeks, the benchmark index has continued to consolidate within the 22,800–21,700 levels, indicating a short-term sideways trend. Hence, any breakout on either side will indicate further direction. The index is well placed above its 20, 50, 100, and 200-day SMA, which reconfirms a bullish trend.
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