📷 Image Credits: Mint
In recent stock market news, despite strong global cues on rising optimism for the US Fed rate cut, the Indian stock market remained sideways on Friday last week. The Nifty 50 index finished marginally higher at 24,168, whereas the BSE Sensex closed at 79,478. Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall Indian stock market sentiment is positive as the Nifty 50 index is sustaining above 24,000. Bagadia recommended a buy-on-dips strategy with the Nifty 50 index above 23,900.
Looking ahead, Bagadia recommended three stocks to buy on Monday: State Bank of India (SBI), Marico, and ONGC. SBI is suggested for buying at ₹859.75 with a target of ₹940 and a stop loss at ₹825. Marico, trading at ₹615.35, is recommended with a target of ₹650 and a stop loss at ₹600. ONGC, currently trading at ₹288.20, has a target of ₹315 and a stop loss at ₹273.
The recent quarter’s revenue growth for companies like Marico, Dabur, and Adani Wilmar has shown improvement as consumer demand for personal care and cooking products has increased. Marico, with a strong presence in rural India, is expected to benefit from the recovery in rural demand. Dabur sees a mid to high single-digit growth, while Adani Wilmar reported 11% revenue growth in contrast to a 4.6% decline in the previous quarter.
Target, a Minneapolis-based retailer, announced it will stop accepting personal checks in stores from July 15 due to extremely low volumes. This decision reflects the changing payment landscape as digital transactions gain prominence over traditional check payments. The decline in check usage has been notable in recent years, with only 1% of consumers preferring checks for in-store purchases.
As the Indian stock market maintains a positive sentiment and expert recommendations highlight key buying opportunities, investors are advised to consider the current market dynamics and individual stock analysis to make informed investment decisions.
