Indian Stock Market Begins Financial Year 2024-2025 on Positive Note
The Indian stock market benchmark indices, Sensex and Nifty 50, kicked off the financial year 2024-2025 on a positive note, gaining over a percent in the month of April. However, on Tuesday, the domestic equity indices experienced a fag-end selloff, ending lower for the day. Despite hitting record highs on April 30, the Sensex closed 188.50 points lower at 74,482.78, while the Nifty 50 settled 38.55 points lower at 22,604.85.
The Indian stock market was closed on Wednesday, May 1, in observance of Maharashtra Day. Looking ahead, market expert Sagar Doshi provided insights on the outlook for the Nifty 50 and Bank Nifty. Doshi highlighted that Nifty hit a fresh all-time high at the end of April, with short covering seen on index futures from foreign institutional investors. He suggested that the Nifty could consolidate between 22,550 and 22,800 for the upcoming week.
In terms of the Bank Nifty outlook, Doshi noted a drop close to 750 points from intraday highs on Tuesday, indicating a potential underperformance compared to the Nifty. He predicted that the Bank Nifty could continue to drag lower towards 48,600 in the next few trading sessions.
Additionally, Doshi provided top stock recommendations for the day, including L&T Finance, Prestige Estates Projects, and Lupin. He advised buying L&T Finance with a target of ₹179.00, Prestige Estates Projects with a target of ₹1,475, and Lupin with a target of ₹1,760.
It’s important to note that the views and recommendations mentioned are those of individual analysts or broking companies, and investors are advised to consult with certified experts before making any investment decisions. Stay tuned for more updates on the Indian stock market as the financial year progresses.
