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Business News/ Markets / Stock Markets/  Sensex hits 63,000 mark, Nifty 1.4% away from all-time high. Experts recommend these stocks to buy today

Stock market today: Indian indices opened higher on Monday as all three key benchmark indices came close to its life-time highs. Bank Nifty today opened higher and hit life-time high of 44,458 whereas Nifty today opened upside and hit intraday high of 18,641 levels, which is around 1.4 per cent lower from its life-time high of 18,887.60 levels. 30-stock exchange BSE Sensex too opened with an upside gap and hit intraday high of 63,026, which is 557 points lower from its life-time high of 63,583 mark.

According to stock market experts, Dalal Street may continue to trade upside and hit new highs before 5th June 2023, the day outcome on US debt ceiling talks is expected. They said that consumer durables and FMCG segment is expected to help Nifty and Sensex to hit fresh highs as the segment still has a good number of stocks, which is yet to participate properly in current rally.

Speaking on the reason for rise in Indian stock market and major key indices, Vaibhav Kaushik, Research Analyst at GCL Broking said, "In recent sessions, continuous FII buying helped Nifty, Bank Nifty and Sensex to breach its previous swing highs but this had happened despite mixed global cues. Now, global market is also supporting uptrend and hence we are expecting that Nifty and Sensex may hit a new high ahead of US debt ceiling outcome, which is expected on 5th June 2023."

Expecting Nifty to hit new high in current stock market rally, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Nifty has witnessed a strong recovery from 18,200 zone with bias turning positive and with a breach above the crucial barrier of 18,400 zone has strengthened the overall trend anticipating for further rise in the coming days. As said earlier, the near-term upside targets of 18,800 to 18,900 levels are open now with most of the frontline stocks well placed and indicating improvement in the bias."

On limitations that may pause current stock market rally, Vaibhav Kaushik of GCL Securities said, "If Nifty and Sensex manages to hit record highs before 5th October, then we can expect some profit-booking and hence one should remain vigilant about the Sensex and Nifty movement ahead of US debt ceiling talks outcome."

Stocks to buy today

Asked about the stocks that one can buy in stock market today, Vaibhav Kaushik said, "Consumer durables and FMCG stocks are expected to lift Sensex and Nifty to new highs as these segments still have good number of stocks that are yet to participate properly in current stock market rally. One can look at Dabur, ITC and Marico in the FMCG segment whereas Polycab, HUL, Havells India are some other stocks belonging to consumer durables segment."

Expecting banking stocks to remain in uptrend, Anuj Gupta, Vice President — Research at IIFL Securities said that ICICI Bank, Kotak Mahindra Bank and AU Small Finance Bank shares are expected to outperform its peers in upcoming sessions whereas SBI, Canara Bank, Punjab & Sind Bank, Bank of Maharashtra and Punjab National Bank (PNB) is expected to benefit from recent GoI decision to discontinue 2000 notes from the markets.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Updated: 29 May 2023, 11:31 AM IST
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