Indian Stock Market Hits Record Highs: Sensex and Nifty Reach New Peaks

The Indian stock market continued its record-breaking streak on Tuesday, June 18, as key equity indices Sensex and Nifty 50 reached new all-time highs. During the session, Sensex hit a record high of 77,366.77 before closing 308 points higher at 77,301.14, while Nifty 50 reached a new peak of 23,579.05 and closed 92 points up at 23,557.90.

According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, the positive momentum in the market is driven by strong domestic macros, positive global cues, and anticipation of increased government spending in the upcoming budget. Additionally, the 27% growth in advance direct tax receipts for Q1FY25 has further boosted investor sentiment.

Motilal Oswal has recommended three stocks to buy this week – Titan, Cummins India, and Chola Investment. Titan, after a range breakout and forming a bullish candle, is suggested to be bought with a target price of ₹3750. Cummins India, in an overall uptrend and on the verge of a trend line breakout, is advised to be bought with a target price of ₹4100. Chola Investment, in a strong uptrend and trading at a lifetime high, is recommended for purchase with a target price of ₹1600.

It is important to note that the views and recommendations provided by analysts and brokerage firms are not endorsed by Mint, and investors are advised to consult certified experts before making any investment decisions.