Top Stock Recommendations: Dharmesh Shah of ICICI Securities suggests buying RIL, and NTPC tomorrow

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Stock Market News: Friday's intraday trading saw the domestic benchmark indices, the Sensex and Nifty 50, reach record highs before ending slightly down as a result of profit-booking in the IT, FMCG, and healthcare sectors.Though the markets were supported by fresh inflows of foreign cash and steady prices of crude oil on international exchanges, traders noted that the dismal trend in global stocks weighed on the sentiments.For the second day in a row, markets were surging ahead of the Lok Sabha election results on June 4.The Sensex hit a new all-time high of 75,636.50 during the session, but it was unable to hold onto its gains and finished the day 8 points lower at 75,410.39. During the session, the Nifty 50 hit a new all-time high of 23,026.40, but it ended the day 11 points lower at 22,957.10.Vinod Nair, Head of Research at Geojit Financial Services, said that despite the recent US FOMC minutes suggesting a sustained hawkish stance on policy rates, sentiments in the global market remained muted.The US unemployment claims declined more than anticipated, business earnings held steady, and inflation remained obstinate, thus the Fed had no justification to lower interest rates.Large caps are taking a backseat to the overall market rise as the domestic market achieves new highs, suggesting that the short-term momentum will continue.

PSU banks and defense stocks have led to outstanding performance and increased visibility, resulting in a considerable rerating of the BSE PSU index, according to Nair.On expected lines, index resolved higher and surpassed the milestone of 22,800. Consequently, Nifty 50 logged a new life high of 23,026.