Indian stock market benchmarks, the Sensex and the Nifty 50, reached new closing highs on Friday, June 7, continuing their upward trend for the third consecutive session. Despite a sharp 6 percent drop earlier in the week, the market has shown solid gains in the first week of June, with the Sensex rising by about 3.7 percent and the Nifty 50 gaining nearly 3.4 percent.
During the session, the Sensex reached a new all-time high of 76,795.31 before closing at 76,693.36, up 1,619 points or 2.16 percent. The Nifty 50 closed 469 points higher, a gain of 2.05%, at 23,290.15. Only two stocks were in the red: SBI Life, down 1.03%, and Tata Consumer, down 0.43%.
Ganesh Dongre, Senior Manager – Research at Anand Rathi, commented on the market’s performance, stating, “On the nifty front, we are now closed at the level of 23200–23300 zone. After the Lok Sabha election outcome, the market has the confidence that the government will form as soon as possible. On the hope of a stable government, the market mood has bounced back to the bullish zone.”
Dongre also provided insights on the Nifty and Bank Nifty outlook, suggesting that bullish momentum may continue in the upcoming trading sessions. He recommended three stocks for day trading – Bank of Baroda, Sarvotech, and HCL Tech, with specific buy, target price, and stop loss levels for each.
Investors are advised to consult certified experts before making any investment decisions. The market’s performance and expert recommendations indicate a positive outlook for the Indian stock market in the coming days.
