Sunday, July, 21,2024

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Minimal changes in key ministries will keep market momentum strong

After the formation of the new government in the country and the stock market reaching its highest level till date, it is being estimated that the stock market will create more history in the coming times. According to the facts believed to be behind the stock market gaining momentum, due to the new government formed under the leadership of Prime Minister Narendra Modi and the ministers of important departments of the previous government not changing, there are chances of not much change in the working and methods of the government and the country’s economic condition remaining strong.

After the trading session ended on Friday, however, the BSE index improved by only 299.41 points (0.39%) last week and the BSE index closed at 76992.77 points, while the NSE Nifty index rose by 175.45 points (0.75%) and reached 23465.60 points. The midcap and smallcap index also kept pace with the improvement in the market after the formation of the new government and showed improvement, albeit a little less than original index. Talking about the bullion market, this week due to the new international equations, there was almost stability in the prices of gold and silver and comparatively, while the price of gold improved by Rs 700 per 10 grams this week, the price of silver increased by Rs 250 per kg. In Jaipur, the price of 24 carat gold improved from Rs 73,150 per ten grams to Rs 73,850 per ten grams and silver increased from Rs 90,650 per kg to Rs 90,900 per kg. Traders are expecting stability in the prices of gold and silver this week as well.

Regarding the market trend this week, traders say that there are high chances of stability in the market now, but the impact of international reasons will be seen on the market. According to traders, in the current circumstances, a small recession is necessary for further growth. However, listed companies of public sector undertakings like BHEL, REC, apart from GMR, Pay-TM, Padamji Pulp and Papers, Castrol, Ashok Leyland, HFCL etc. can be considered safe investments, but investors should also keep in mind that if there is a decline, then even the shares considered strong are not untouched by it. Through IPO, investors will have the opportunity to invest in the IPOs of three companies on the main board this week. Apart from this, IPOs of 7 companies on the MSME platform will try their luck despite a huge premium.

(This is the personal opinion of the author.)

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