Market reaches new highs with positive GDP forecast, recommending buying Larsen & Toubro and Axis Bank.

From HT Media Ltd.: 2024-06-09 03:21:03

1. The Sensex and Nifty 50 reached new highs after the RBI forecasted GDP growth at 7.2% for 2024-25. Sensex rose 2.29% to 76,795.31, and Nifty rose 2.18% to 23,320.20 during trading.

2. The US labor market added 272,000 jobs in May, surpassing expectations of 180,000. This may delay Fed interest rate cuts, impacting market trends and strengthening the dollar.

3. Market outlook depends on upcoming economic data. Key factors include India WPI inflation, US Fed rate decision, and global data like UK GDP and US CPI.

4. Nifty 50 showed a strong recovery, leading to a positive bias. Bank Nifty expected to reach 51,000 amid global market strength and stable Brent prices.

5. Top stock recommendations include buying Larsen & Toubro and Axis Bank for potential growth. Analysts urge caution and advice consulting experts before investing.



Read more at HT Media Ltd.: Top Stock Recommendations: Dharmesh Shah of ICICI Securities suggests buying Larsen & Toubro, and Axis Bank tomorrow