The focus of Modi 3.0 will likely continue on developing the country’s public infrastructure such as roads, water, metro, railways, defence, digital infrastructure, and green technologies. Axis Securities says that the market may continue to find direction based on a “Feel good” factor on policy continuity, pre-budget expectations, progress of monsoon, development on the CAPEX agenda, fiscal consolidation path and expectation of rural recovery in the second half.Here are top picks by Axis Securities across the small, mid and large cap categories:

In the last few days, there have been trading sessions where all of sudden IT stocks have started to do well. This is coming at a time when there is nothing positive which either companies from the sector have said or there is anything else which can be seen as signs of things changing for better. Is this an first indication that global risk on trade is back on the table. There is enough evidence to show when US interest rates are high, there is a risk off mode globally and tech stocks both in India and globally don't outperform, rather they at times under perform. As soon as there is an indication that interest rates in the US are likely to come down, the risk on trade tends to make a comeback and tech stocks start to do well globally. But incase of Indian IT stock, there is probability that this risk on trade is helpful but another factor is adjustment of valuations and finally the fact that some money is going to move toward a strong and stable balance sheet.

The post-election rally has left everyone surprised and analysts see little near-term upside in the Nifty from current levels because of elevated valuations and lack of positive catalysts.Domestic brokerage firm Emkay Global believes that they see very little chance of a meaningful correction as they remain constructive on the manufacturing/investment cycle and prefer playing it through durables (auto) and materials and believe that industrials and financials can be better played through select small and mid cap stocks.Below are the top small and mid cap picks from Emkay Global:

When investing in stock markets, it’s crucial to make the distinction between high-quality and poor-quality businesses across the small, mid, and large-cap spectrums, as well as the difference between the intrinsic value of a stock and the overall value of the company. Certain niche small businesses may still generate significant returns over time if they are held long enough. On the other hand, if one's approach to small-cap investments is merely based on the absolute value of a stock with hopes of a tenfold increase, then it's a misconception. Stock market investing, whether in small, mid, or large caps, should not be driven by unrealistic expectations; otherwise, it leads to nothing but undue stress, rather than substantial returns.

The post-election rally has left everyone surprised and analysts see little near-term upside in the Nifty from current levels because of elevated valuations and lack of positive catalysts.Domestic brokerage firm Emkay Global believes that they see very little chance of a meaningful correction as they remain constructive on the manufacturing/investment cycle and prefer playing it through durables (auto) and materials and believe that industrials and financials can be better played through select small and mid cap stocks.Below are the top small and mid cap picks from Emkay Global:

With the growing threat market regulator Securities and Exchange Board of India (Sebi) and stock exchanges including NSE have been warning investors of fraudulent entities and persons who scam people through digital means and social media platforms.

Renowned portfolio manager Paul Black advises that to achieve consistent wealth creation, investors should focus on growth companies with superior culture and a strong competitive edge over their peers. He emphasizes that successful growth investing requires a positive outlook on the future, as optimists are capable of reaching great heights.

In the March quarter of FY24, several companies transitioned from loss-making to profit-making. According to Ace Equity data, Piramal Pharma, Inox Wind Energy, BHEL, Sunteck Realty, Tejas Networks, and others turned profitable in Q4FY24. Here is the list:

Goldman Sachs Group Inc. raises S&P 500 year-end target to 5,600, reflecting optimism for earnings growth and the US economy.

Even without any interest rate cuts so far in 2024 and with the likelihood of just one meager rate reduction by the end of the year -- the stock market has been purring along. That's quite an achievement, given the expectation in January that the Fed would trim rates six or seven times in 2024 -- and that interest rates throughout the economy would be much lower by now.

During the week, as many as 191 smallcap stocks delivered double digit returns with 13 of them gaining 25% or more. PTC Industries was leading the smallcap pack at 35%, followed by Avantel at 33% and Honda India Power at 30.47%.

International investors are flooding American markets with $30 billion in stock funds, mainly targeting US tech shares. The S&P 500 and long-dated Treasuries are outperforming global markets amid economic and political uncertainties.

Goldman Sachs Group Inc. raises S&P 500 year-end target to 5,600, reflecting optimism for earnings growth and the US economy.

Even without any interest rate cuts so far in 2024 and with the likelihood of just one meager rate reduction by the end of the year -- the stock market has been purring along. That's quite an achievement, given the expectation in January that the Fed would trim rates six or seven times in 2024 -- and that interest rates throughout the economy would be much lower by now.

Elevated U.S. interest rates are impacting the U.S. retail sector, with some stocks soaring while others struggle. The S&P 500 Consumer Discretionary index is up 14%, driven by select stocks, like , which is up 21%. However, lower-income focused companies, like Dollar Tree and Dollar General, have faced declines.

Fed's Goolsbee relieved as May inflation cools, waits for more data before rate cuts.

The Dow Jones Industrial Average fell 57.94 points, or 0.15%, to 38,589.16. The S&P 500 lost 2.14 points, or 0.04%, at 5,431.6 and the Nasdaq Composite added 21.32 points, or 0.12%, at 17,688.88.

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE 2022) of the Central Bank of India with reference to its financial position as of March 31, 2022.

The hedge fund sold 1.4 million shares at 2684.3 apiece. BNP Paribas Financial Markets was a buyer in the deal. Shares of Shriram Finance gained 1.75% to close at 2,731.3 on Friday and are up 17.8% in the last one month.

Adani Cements uses the sea route for some transportation at Sanghi Industries and Ambuja Cements. "The plan for sea logistics will mature now, after this acquisition. You will see a much more impactful progression on sea logistics in 6-12 months time," said Vinod Bahety.

The company recently won two orders from State Bank of India to deploy more than 4,000 ATMs over a period of 7 years. "If I consider the SBI contract which we will start deploying in the second half of the fiscal year, we also have a few other banks in the pipeline. So in all we will deploy 3,000 ATMs plus cash recycler machines (CRM)," said Ravi Goyal, chairman, AGS Transact.

Wood said, in his weekly Greed & Fear newsletter, that the airport operator's introduction into its portfolio will be at the expense of the reduction of weights in ICICI Bank, HDFC Bank and Axis Bank.

Market expectations have remained strong for a September start to policy easing, with the CME's FedWatch tool indicating over a 70% chance of a rate cut at that meeting. Traders are anticipating two cuts by the end of the year. However, this contrasts with the central bank's latest forecasts released on Wednesday, where policymakers reduced their projections from three cuts this year to just one.

The forecast reassured investors that Adobe, a key player in the market for photo and video editing tools, is unlikely to lose customers to AI startups like OpenAI, the creator of Dall-E, which enables users to generate images with simple text prompts.

Market expectations have remained strong for a September start to policy easing, with the CME's FedWatch tool indicating over a 70% chance of a rate cut at that meeting. Traders are anticipating two cuts by the end of the year. However, this contrasts with the central bank's latest forecasts released on Wednesday, where policymakers reduced their projections from three cuts this year to just one.

Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, which sold its stake on Friday, held 1,10,12,628 shares, representing 2.22% of Restaurant Brands Asia as of March 31, 2024, according to BSE shareholding data.

If one looks at the history of the markets, there are companies which always trade a premium. Long time and still a number of such companies used to be MNC companies which used to get premium. But over the last 15 years, some of the Indian companies have been getting a premium on the street. The premium because they are the leader in their category in terms of market share and they have strong brands. It has been seen that when markets are high and these sets of companies where valuations are not cheap, even then analysts have not initiated a sell call, rather they have moved to hold. A strong brand helps a company's weather all storms of an economic slowdown or inflationary pressure and over a period of time it has been witnessed that companies with strong brands are able to pass on increased costs and maintain their margins to a large extent. Also they are to diversify into other products on the back of one strong brand.

The review is reportedly done to review whether the potential of support for the group entities from Tata Sons is greater than what the ratings agency had previously thought of. This is due to increasing operational and management linkages within the group.

Udaipur-based non-bank financial company Akme Fintrade (India)'s IPO will open for subscription on June 19 and close on June 21. The issue is completely a fresh equity sale of Rs 1.10 crore shares of face value Rs 10 each.

ADOBE-Adobe surges as AI optimism fuels annual revenue forecast

Wall Street's primary indexes opened with declines on Friday, as investors took a breather following robust rallies on the S&P 500 and the Nasdaq. They deliberated over the Federal Reserve's hawkish projections amid signs of an easing economy.

U.S. oil refiner Phillips 66 said on Friday it would sell its 25% stake in the Rockies Express Pipeline (REX) for about $1.28 billion, including debt, to a subsidiary of Tallgrass Energy.

The market capitalisation of BSE-listed firms hit another record high of Rs 434.88 lakh crore on Friday as the BSE benchmark scaled new closing peak, rallying for the third day running.

Short covering refers to the buying of shares in order to close an existing short position or a position that has been sold. Short covering signals a shift in view on security from extreme bearishness to bullishness. In Friday's trading session, five stocks saw top short covering. Here's the list:

With its continued range-bound action within 23,300-23,500 levels, Nifty is not showing any early breakout signs on either side. A decisive move above 23,500 levels may open an upside breakout and a slide below 23,300 levels could mean a chance of downside breakout of the range movement in the near term.

Long unwinding refers to the selling of positions or stocks owned for a longer period either to book profit or to exit it in anticipation of impending bearishness. In Friday's trading session, five stocks witnessed a long unwinding. Here's the list:

The billionaire businessman did so via the open market. He bought this stake in AEL in two tranches. Between May 10 and 14, he reportedly bought an additional stake of 0.42% in the group’s flagship company through Kempas Trade and Investment. He followed it up with a 0.92% stake purchase through Emerging Market Investment DMCC.

Domestic brokerage firm Prabhudas Lilladher said that it values Nifty at 5% premium to 15-year average PE 20.2x to arrive at bull case target of 27,102 as it showed conviction on large cap firms like ITC, RIL, HDFC Bank among others.

The 30-share BSE benchmark Sensex surged 182 points to settle at 76,993. The broader NSE Nifty rose 67 points and ended at 23,466. State-run companies and energy stocks also contributed to the rally on expectations of continued capital expenditure spending by the new government. The IT sector was the top sectoral loser, dropping 0.9%. The market capitalisation of all listed companies on BSE surged by Rs 3.2 lakh crore to Rs 434.86 lakh crore.

The 30-share BSE benchmark Sensex surged 182 points to settle at 76,993. The broader NSE Nifty rose 67 points and ended at 23,466. State-run companies and energy stocks also contributed to the rally on expectations of continued capital expenditure spending by the new government. The IT sector was the top sectoral loser, dropping 0.9%.

The domestic brokerage said the stock rally is a sign of the underlying business performance. The valuations for most residential real estate stocks stand at 7-12X adjusted EV/EBITDA (FY2026E) --- the higher end of their past trading range. This speaks of a changing investor interest.

Vodafone Group plans to divest its entire $2.3 billion stake in Indus Towers through stock market block deals next week to reduce debt. The British telecom giant currently owns 21.5% of Indus, with the final stake size dependent on market demand. Bank of America, Morgan Stanley, and BNP Paribas are managing the sale

If one looks at the history of the markets, there are companies which always trade a premium. Long time and still a number of such companies used to be MNC companies which used to get premium. But over the last 15 years, some of the Indian companies have been getting a premium on the street. The premium because they are the leader in their category in terms of market share and they have strong brands. It has been seen that when markets are high and these sets of companies where valuations are not cheap, even then analysts have not initiated a sell call, rather they have moved to hold. A strong brand helps a company's weather all storms of an economic slowdown or inflationary pressure and over a period of time it has been witnessed that companies with strong brands are able to pass on increased costs and maintain their margins to a large extent. Also they are to diversify into other products on the back of one strong brand.

The U.S. Federal Reserve held the interest rates as it revised its rate cut expectations from three to one for this year in view of higher inflation. However, the U.S. CPI and PPI data released this week are indicating that inflation is easing in the United States.Even though rate cut hopes from the Fed dropped from 4 in the beginning of the year to indications of merely one rate cut, central banks of certain countries did cut rates this year.Here is a few central banks which cut their policy rate this year:

​Mutual funds sold shares in several PSU stocks in May ahead of the June 4 outcome with GAIL (India), Punjab National Bank (PNB), Power Finance Corporation (PFC), NHPC and Indian Renewable Energy Development Agency (IREDA) witnessing complete exit by individual mutual funds.

LIC's shares surged 6% on plans to enter the health insurance market. The stock is trading at Rs 1074 on NSE, up 4.55%. LIC aims to acquire a standalone health insurance company to expand its market presence.

European shares slip amid French political uncertainty. Technology stocks rise, auto shares fall. Leftwing parties challenge National Rally, Crest Nicholson rejects Bellway's offer.

Adani Ports' growth in volumes outpaced the Indian market, despite Gangavaram Port's loss due to strike/shutdown. RITES shares rallied 4% on signing an MoU with DMRC.

Traders will enjoy an extended weekend holiday on June 17 due to Bakri Id closure. Stock exchanges, including equity, derivative, and SLB segments, will be closed, providing a much-needed break after a volatile election period.

ETMarkets' latest mutual fund (MF) analysis examines stocks held exclusively by a single scheme. Initially, there were 144 such stocks in May 2024. However, by narrowing the selection to those with a market value over Rs 20 crore as of May '24, the number dropped to 32. ETMarkets highlighted six stocks that are held solely by one MF scheme and have increased by 15-60% in just over a month (from the beginning of May 2024 to now).(Data Source: ACE MF, ACE Equity).