Mon. Jul 22nd, 2024

NEW DELHI: After BJP retained Madhya Pradesh and wrested Chhattisgarh and Rajasthan from the Congress in the state Assembly elections on Sunday, equity bulls found another reason to celebrate on Monday, with the Sensex zooming over 1,100 points. Both Sensex and Nifty are now at all-time high levels, with bulls gunning for newer peaks ahead of the Lok Sabha elections next year.

The landslide victory for Street favourite BJP is not only seen as a validation of a favourable outcome in next year’s poll but may also help the ruling party keep populism under check. However, some welfare policies may gain momentum in the upcoming Budget, which will help “Bottom of Pyramid” demand recovery.

“Our clear preference remains to play the cyclical story via power, industrials, property, banks, and select mid-caps – as we believe the unfolding private capex cycle (corporate + housing) is a strong and durable turnaround, not impacted by potential govt capex slowdown,” Jefferies said.

Domestic broking firm Motilal Oswal likes BFSI, Industrials, Real Estate, Auto, and Consumer Discretionary. Preferred ideas include SBI, Axis Bank, M&M, Hero Moto, L&T, UltraTech, Titan, Indian Hotels, Godrej Prop, Indian Hotels, LemonTree, Sunteck Realty, PNB Housing, Angel One and Global Health.

Antique Stock Broking said it continues to prefer industrials, defence, railways, financials particularly PSUs, real estate, and cement and March’24 Nifty target remains unchanged at 20,800 based on 19x FY25 EPS of Rs 1,088.

Top picks include ICICI Bank, SBI, L&T, Maruti Suzuki, Max Financial, Coforge, Oil India, JK Cement, Chalet Hotels, RITES, among others.

PhillipCapital said it is positive on industrials (capital goods and defense), cement, metals/pipes, automobile, EMS, with well-diversified positions in other sectors (Financials, Pharma, discretionary, staples).”While rural demand has been weak owing to inflationary pressures and lack of incremental growth triggers, we expect this segment to fare better as BJP is expected to incrementally focus more on welfare schemes in the run-up to the union elections. We expect a balanced approach between revenue and capital expenditure, retaining fiscal math,” it said.

Top picks include L&T, HAL, UltraTech, ACC, JSW Steel, Tata Motors, Hero Moto, and ICICI Bank, among others.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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