The Indian market ended with a cut of more than one and half per cent on Friday amid inflation fears.
The Indian market ended with a cut of more than one and half per cent on Friday amid inflation fears. Headline indices Nifty50 and the Sensex ended over 1.6% and 1.5% lower on the last trading day of the week. The broader Nifty 50 closed near 16,400, while the Sensex witnessed a cut of around 900 points. Following benchmarks, Nifty midcap and small cap indices closed lower by 1.8% and 2.5 % respectively. The domestic stock market was largely pulled down by sell off in IT, Realty and financial stocks. FMCG and oil & gas, which ended marginally lower, witnessed some buying interest on Friday.
It was the fourth straight week of loss for the Indian equity market and the last week was among the worst week of 2022 on the back of a surprise rate hike by RBI, and a sharp fall in global markets after US Fed Policy, said Santosh Meena, Head of Research, Swastika Investmart Ltd. “Central banks across the globe are raising interest rates to tame inflation therefore easy liquidity draining out of the system where FIIs are selling aggressively for the last many months. There is a fear of stagflation among market participants which is also spooking market sentiments,” the expert said.
Read More: Venus Pipes & Tubes IPO: GMP, Price, Date, Size; Key Things To Know Before Buying
Meena said the direction of global equity markets along with movement in the dollar index and crude oil prices will continue to dominate, while inflation numbers of the USA on 11th May and Inflation and IIP numbers of India on 12th May will also cause volatility in the market.
Meanwhile, SGX Nifty, which hints early trends for the Indian market, was trading lower by nearly 200 points on the Singaporean exchange on Monday morning. Besides, Japanese Nikkei 225 dipped more than 2% in the early trade, however, Chinese Shanghai Composite was trading marginally higher by 0.25% around the same time.
Ahed of the market opening, Zee Business research team brings you a list of 20 stocks for profitable trade on May 9, 2022. These stocks have been picked from cash, F&O and techno segments to help investors make money on a short-term to long-term basis. Below is the list of stocks picked by Zee Business analysts Kushal Gupta and Ashish Chaturvedi, take a look:
Read More: LIC IPO Subscription Day 5 Updates: IPO Booked 1.73 Times So Far; Retail Oversubscribed
Kushal Gupta Stock Picks
Cash
GOCL Corp – Buy – 258, sl – 246
FTR
NMDC FUT – Sell – 147, sl – 156
OPTN
Hind copper 105 [email protected] – Buy – 9, sl – 3
Techno
JSPL FUT – Sell – 485, sl – 515
Funda
JSW Steel FUT – Sell – 678, sl – 700
IPL
Escorts – Buy – 1800, Duration – 1 year
News
Vedanta FUT – Sell – 345, sl – 368
Mychoice
Bank Nifty 34500 PE @324 – Buy – 500, sl – 250
Aarti Ind FUT – Sell – 780, sl – 810
Canara Bank FUT – Sell – 214, sl – 225
Best Pick
NMDC FUT – Sell – 147, sl – 156
Ashish Chaturvedi Stock Picks
CASH KA STOCK
BUY ALLCARGO LOGISTICS TARGET 400 DURATION 2 MONTHS
FUTURES
SELL OBEROI REALTY FUT TARGET 860 SL 885
OPTIONS
BUY TITAN 2200 PE TARGET 85 SL 45
TECHNO
SELL RBL BANK FUT TARGET 107 SL 120
FUNDA
BUY BLS INTL TARGET 355 SL 340
IPL STOCK
BUY ABBOTT INDIA TARGET 24000 DURATION 12-18 MONTHS
STOCK IN NEWS
BUY SIYARAM SILK TARGET 640 SL 610
MY CHOICE
SELL MCX FUT TARGET 1232 SL 1282
SELL APOLLO HOSP FUT TARGET 3765 SL 3870
SELL BAJAJ FIN FUT TARGET 5880 SL 6040
MY BEST
SELL RBL BANK FUT TARGET 107 SL 120
Earlier, all major Wall Street indices closed in the red on Friday. Dow Jones dropped 0.3%, Nasdaq Composite nearly 1.5% and S&P 500 settled with over half per cent cut on Monday
