Top Stock Recommendations: Dharmesh Shah of ICICI Securities suggests buying SBI, and NTPC tomorrow
Stock Market News: The domestic benchmark indices, bonds and the rupee are expected to rise during Monday's trading session following exit polls that projected Prime Minister Narendra Modi's party had won fairly in the general elections that ended on Saturday.The majority of polls estimate the Bharatiya Janata Party (BJP)-led alliance will win between 350 and 400 seats overall, which is far more than the 272 seats needed for a majority in the 543-seat lower house of parliament. The alliance took home 352 in 2019.
On Tuesday, the votes will be counted.“The markets are likely to begin the week on a buoyant note, tracking exit poll outcomes favouring a stable government at the centre. We reiterate our positive stance and expect Nifty 50 to head towards our earmarked target of 23,400 in the coming weeks, backed by strong global cues, while key support is placed at 22,400," said Dharmesh Shah, Vice President, ICICI Securities.Also Read: Indian stock market: How is market expected to open on Monday post exit polls, GDP data?Stock markets ended their five-day losing streak on Friday due to value investing and investors shifted their attention to exit polls that was out on June 1.The 30-share BSE Sensex climbed by 75.71 points or 0.10% to settle at 73,961.31.
The Nifty 50 rose by 42.05 or 0.19% to close at 22,530.70.In the five days leading up to Thursday, Nifty 50 and Sensex fell more than 2% due to extreme volatility in expectation of the Lok Sabha polls.The RBI's Monetary policy outcome, which is set for June 7, will be the next significant trigger after the election results. A crucial area to keep an eye on will be how foreign investors react following the election results.
Read more on livemint.com
