The Indian stock market ended the week on a troubling note, experiencing significant declines on April 4, 2023. Weak cues from global markets, exacerbated by ongoing trade tensions between the United States and other countries, pushed investor sentiment downward. The Nifty 50 index dropped by 1.49%, closing at 22,904.45 points, down from 23,250.10 points from the previous close. Meanwhile, the BSE Sensex also saw a decline of 1.22%, ending at 75,364.69 points compared to 76,295.36 points the day before.

Global Market Impact

The significant downturn in the Indian market mirrored the situation in the U.S., where stock indices suffered their worst day since the onset of the COVID-19 pandemic. Following China’s announcement of a 34% tariff on all U.S. goods, the Dow Jones Industrial Average plummeted by over 2,200 points, ultimately closing down 5.50% at 38,314.86 points. The Nasdaq Composite, heavily weighted with technology stocks, fell by 5.82%, wrapping up at 15,587.79 points. The S&P 500 index also faced a significant drop of 5.97%, closing at 5,074.08 points.

Stock Recommendations for the Day

As investors navigate this turbulent market, experts have recommended several stocks to consider for potential gains.

Sumeet Bagadia’s Picks

• Apollo Hospitals Enterprise Ltd. (APOLLOHOSP):

  • Buy Price: ₹6,714.55
  • Target: ₹7,193
  • Stop Loss: ₹6,487
  • This stock is showing bullish trends, supported by rising volumes and positive technical patterns. A breakout above ₹6,800 could propel it towards the target.
• Marico Ltd. (MARICO):
  • Buy Price: ₹677.3
  • Target: ₹725
  • Stop Loss: ₹653
  • MARICO is displaying signs of a trend reversal with a double-bottom formation, indicating strong support and upward momentum.

Ganesh Dongre’s Recommendations

• ICICI Bank Ltd. (ICICIBANK):

  • Buy Price: ₹1,335
  • Target: ₹1,365
  • Stop Loss: ₹1,290
  • Currently at a pivotal support level, this stock has the potential for a rally.
• Axis Bank Ltd. (AXISBANK):
  • Buy Price: ₹1,090
  • Target: ₹1,130
  • Stop Loss: ₹1,060
  • A bullish pattern indicates that it might reach the target price, making it a good buy.

Shiju Koothupalakkal’s Suggestions

• Indus Towers Ltd. (INDUSTOWER):

  • Buy Price: ₹350-360
  • Target: ₹385
  • Stop Loss: ₹335
  • The stock shows a bullish reversal, suggesting a possible rise towards the target.
• Tourism Finance Corporation of India Ltd. (TFCILTD):
  • Buy Price: ₹178.80
  • Target: ₹190
  • Stop Loss: ₹174
  • With growing technical strength, this stock appears poised for upward movement.

Market Outlook

The Indian stock market faces uncertainty amid global economic pressures and trade conflicts. Traders are encouraged to stay informed, apply disciplined risk management, and consider the recommended stocks for potential opportunities. Keeping an eye on market trends and economic indicators will be crucial for making sound investment decisions in the coming weeks.