Exit Polls Predict Bumper BJP Win: Top Stocks To Buy Now
Introduction:
The General Elections 2024 finally ended after the completion of the seventh phase on June 1. It was the longest election in the history of the world’s largest democracy. All eyes are now set on the election results supposed to be out on Tuesday, 4 June 2024. However, the exit polls have already predicted a clear-cut majority win for the incumbent Bhartiya Janata Party (BJP) led by the dynamic leader Mr Narendra Modi.
The Indian stock markets responded positively to these developments and the indices rose by more than 3% as the markets reopened on Monday, 3 Jun 2024. Amid the euphoria, investors are keen to identify stocks that could benefit from the anticipated political stability and economic policies likely to follow. A strong government often translates into policy continuity and reform implementation, which can positively impact various sectors.
Top stock ideas for investment after exit polls
Below are the top stocks for investment after exit polls predict a mega BJP win in the 2024 General Elections:
1. State Bank of India
As India’s largest PSU (Public Sector Unit) bank, the State Bank of India (SBI) can benefit directly from the proposed BJP win. The bank has already performed exceptionally well in the last few years and the experts are bullish on its stocks.
As of 12 noon, 3 June 2024, SBI stocks were trading for Rs. 908.50 per share at the National Stock Exchange (NSE) and Rs. 908.80 at the Bombay Stock Exchange (BSE). The stock jumped by 9.42% intraday and has provided 54.74% returns in the trailing year.
2. HDFC Bank
HDFC Bank is one of India’s leading private sector banks, known for its strong financials and prudent lending practices. A pro-business government can stimulate economic activity, leading to increased credit demand and better asset quality for banks like HDFC.
As of 3 June 2024, HDFC Bank’s shares were trading for Rs. 1,564.70 per share at the NSE and Rs. 1,564.25 at the BSE, after an intraday jump of 2.19%.
3. ICICI Bank
ICICI Bank is another private-sector banking company on this list. It enjoys a giant market share and is known for its extensive banking network across the country. The incumbent BJP government’s push for digital banking and cashless transactions are some initiatives that can directly benefit ICICI Bank in the long run.
As of 3 June 2024, ICICI Bank’s stocks were trading for Rs. 1,151.55 per share at the NSE and Rs. 1,151.25 per share at the BSE. The stock achieved an intraday high of Rs. 1,171.55, which is also its 52-week high price.
4. Coal India
Coal India Limited is another PSU company on this list. It is owned and managed by the Ministry of Coal and Petroleum. The company is the largest coal-producing company and the ninth-largest employer in India. The company is likely to benefit from the potential continuance of favourable government policies.
As of 3 June 2024, Coal India shares were trading for Rs. 514.60 per share at the NSE and Rs. 514.80 per share at the BSE. The stock achieved an intraday high of Rs. 517.20, which also happens to be its 52-week high price.
5. Adani Ports & Special Economic Zone
Adani Ports and SEZ represents a large network of ports and special economic zones (SEZs) across India. The company is India’s largest port operator with 13 ports and terminals and a capacity of 580 MMTPA. The company’s stock jumped by 9% post exit polls on Monday, 3 June 2024.
Adani Ports and SEZ stocks were trading for Rs. 1,575.60 per share at the NSE and Rs. 1,575.20 per share at the BSE.
To conclude
The exit polls have given a huge push to the market. If the predictions come true and the ruling BJP forms its third successive government on 4 June 2024, the markets could go on a prolonged bull run. Above are some stock ideas for investors looking for short-term gains. Apart from the ones mentioned, Motilal Oswal is bullish on a few other stocks, including L&T, ABB, HPCL, Hindalco, Indian Hotels, PNB Housing, and Reliance Industries, among others. Ensure you consider factors, such as your investment goals, risk appetite, and market conditions before making your investment decisions.
Trending Blogs: Invest in Small Cap & Mid Cap Mutual Fund & Stocks | Companies affected by Rise in Crude Oil Price | Fall in IT Stocks | Launch of 4 New Indices | Revised Lot Size of Nifty Contracts | ITC Share Surge After BATs Block Deal | Impact of RBI Circular on Currency Trading | RBI’s New Lending Guidelines | Electric Air Taxis in India
Related Articles: Stock Market at new all-time high | Stocks to Watch if BJP Wins 2024 Lok Sabha Elections | Impact of BJPs Seat Wins on the Stock Market | How to Open a Demat Account Without a Broker | Factors to Keep in Mind While Opening a Demat account | Factors to Consider When Opening a Demat Account
Popular Stocks: ICICI Bank Share Price | HDFC Bank Share Price | CDSL Share Price | UPL Share Price | TCS Share Price | BHEL Share Price | Trident Share Price | IRFC Share Price | Adani Power Share Price
