Investors are closely watching the policy pledges made by different political parties in India ahead of another round of elections, with a particular focus on the ruling Bharatiya Janata Party (BJP). Recent assessments from financial institutions such as CLSA and UBS shed light on the BJP’s election manifesto and its potential impact on the stock market.
According to a recent analysis by ETMutualFunds, approximately 67% of large-cap mutual funds have outperformed their benchmarks so far in 2024. Out of the 30 large-cap schemes studied, 20 have exceeded their benchmarks, indicating a success rate of 67%. On the other hand, 10 large-cap schemes have not been able to outperform their respective benchmarks.
Meanwhile, the SME Initial Public Offering (IPO) of Ramdevbaba Solvent is set to kick off, aiming to raise around Rs 50 crore through the IPO and subsequently list its shares on the NSE SME platform. Additionally, gold prices have opened above the Rs 72,000/10 grams mark, with silver trading at Rs 83,273/kg after hitting a lifetime high in the previous trading session.
Zomato, an Indian delivery company, has seen a remarkable 260% surge in its stock price over the past year, outperforming major delivery stocks worldwide. Analysts are scrambling to adjust their outlooks for the company as its profitability improves, with several brokerages raising their price targets for Zomato in recent weeks.
In the stock market, Senco Gold shares surged over 15% following a strong business update for the March quarter of FY24, despite rising gold prices. Tata Consultancy Services (TCS) also saw buying action after reporting better-than-expected results in Q4, leading to target price upgrades from various brokerages.
Overall, the stock market is experiencing fluctuations due to various factors such as geopolitical tensions in the Middle East, changes in the India-Mauritius tax treaty, and US inflation concerns. However, IT stocks are expected to remain resilient, while banking stocks are anticipated to show strength. Investors are advised to stay cautious amid the high level of uncertainty in the market during tense situations like the current geopolitical climate.
