Top Stock Recommendations: Osho Krishan of Angel One suggests buying SBI Life, and AIA Eng today
Stock Market News: The domestic benchmark equity indices, the Sensex and the Nifty 50 started Thursday's session at record highs after better-than-expected economic data. The Nifty Midcap 100 index opened the day at a record high.The 30-share BSE Sensex opened higher by 495.48 points or 0.65% at 77,102.05 level while the Nifty 50 started off at 23,480.95 level, up 158 points or 0.68%.Also Read: Sensex Today Live Updates: Sensex, Nifty open at record high led by global cues; Gensol, Sobha shares gainAccording to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, there is excellent news on inflation in both the US and India.
In May, US CPI inflation fell somewhat less than projected to 3.3%, while MoM inflation remained unchanged. However, the economy remains solid, and there are no significant signs of labour market easing. As a result, Fed Chairman Jerome Powell has held interest rates constant and hinted at only one rate decrease in 2024, with a possible four in 2025.In May, India's CPI inflation fell to 4.75%, but core inflation was only 3.1%.
This prepares the door for the MPC to lower rates in October.Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel OneThe Nifty 50 benchmark index had a positive start today, swiftly climbing above 23,400 within the first few minutes to set new all-time highs. However, akin to the last two sessions, follow-up buying at higher levels was lacking, resulting in prices fluctuating within a narrow range of around 50 points for most of the day.
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