The Indian stock market saw a slight increase today, with the S&P BSE Sensex rising by 0.1% to 73,961 points and the NSE Nifty 50 finishing the day up 0.2% at 22,531 points. Both benchmarks had initially gone up as much as 0.7% in early trading before giving up some of the gains.
Today, June 1, marks the end of India’s weeks-long election campaign, with votes set to be tallied on June 4. Investors are eagerly awaiting the exit polls, which will forecast the results of the election.
In other news, the Controller General of Accounts (CGA) released figures showing that the government’s budget deficit for 2023–24 was 5.63% of GDP, slightly better than the 5.8% predicted in the Union Budget. The fiscal deficit, which is the difference between revenue and spending, was Rs 16.53 lakh crore.
Vinod Nair, Head of Research at Geojit Financial Services, noted that investors are adjusting their portfolios to align with strong sectors and stocks, with robust Q4 FY24 earnings and better-than-expected Q4FY24 GDP growth providing support. However, weak global cues and higher core inflation in the Eurozone may impact market sentiments.
Looking ahead, the short-term direction of the market will depend on the general election results, as well as key economic indicators such as the RBI policy, PMI data, and auto sales numbers.
For investors looking to buy stocks on Monday, Sumeet Bagadia recommended three shares: Adani Ports and Special Economic Zone Ltd, Power Grid Corporation of India Ltd, and Tata Steel Ltd. Each stock has its own potential for growth, with technical analysis and market conditions suggesting buying opportunities.
As always, investors are advised to prudently manage risk and seek advice from certified experts before making any investment decisions. Stay tuned for more updates on the market and business news.
