Stock Market Today: Indian equity markets are under sharp selling pressure as the Lok Sabha election results are not in sync with the exit polls. In Tuesday’s trade, the Nifty 50 index fell by around 1,000 points, the BSE Sensex tumbled by around 2,800 points and the Bank Nifty index plunged by over 2,800 points. Stock market experts said the fall was entirely due to short-term sentiment following the Lok Sabha election results which were worse than market expectations. They said the market decline will not last long and a sharp bounce may be seen as the Lok Sabha election results are still in favour of the incumbent NDA government and no chance of a change in power seems to be in sight yet. They advised investors to look at blue chip stocks which have helped boost capital expenditure in recent years.
Read also: Why is Indian stock market falling today? – Explained
Avinash Gorakshkar, Head of Research at Profit Mart Securities, sees the stock market decline as a strategic investment opportunity. “The current decline in the Indian equity market is a great opportunity to hunt for the bottom. The decline is primarily sentiment driven and is expected to be short-lived as the Lok Sabha election results continue to favour the incumbent NDA government. If the current trend continues, the NDA government may secure a third term, ensuring policy continuity for the next five years,” he said.
Sandeep Pandey, founder, Basav Capita, offers insights on how smart investors can handle the current stock market situation and suggests a cautious approach. He advises, “In a volatile market, even blue chip stocks can fall. At times like these, smart investors add such blue chip stocks to their watch list. It is advisable to look at stocks that have shown growth in capital expenditure in recent years. After a decade of the NDA government in New Delhi, such stocks are easily available in PSUs, banking, energy and power sectors.”
Featured Stocks
On stocks to put on the watch list, Avinash Gorakshkar of ProfitMart Securities said, “Stocks of SBI, Canara Bank, Reliance Industries, Tata Power, Adani Enterprises, NTPC, Hindustan Aeronautics Limited (HAL), Bharti Airtel and Coal India are worth keeping an eye on.”
Disclaimer: The views and recommendations expressed above are those of the individual analysts, experts and brokerage firms and not those of Mint. We recommend that you check with a qualified professional before making any investment decisions.
You are on Mint! India’s No.1 News Site (Source: Press Gazette). For more of our business coverage and market insights, click here!
