Lok Sabha elections results 2019: Expert says OMC stocks positive, pegs HPCL target at Rs 415
Stock market expert Vikas Sethi on Zee Business TV said that with the BJP-led NDA winning the majority of the seats in Lok Sabha, the market is going to do better.
Even as the Lok Sabha elections 2019 counting is going on and the afternoon trends show that the BJP-led National Democratic Alliance (NDA) is going to get a big majority, stock markets today touched all-time highs. BSE Sensex and NSE Nifty50 crossed the psychological levels of 40,000 and 12,000, respectively before retreating.
Stock market expert Vikas Sethi on Zee Business TV said that with the BJP-led NDA winning the majority of the seats in Lok Sabha, the market is going to do better. He said there are a lot of buying opportunities in the market. Sethi said, "Now, I have picked an oil marketing company, BPCL. The markets have witnessed a correction from the day's highs and with the election results that is close to the highest seat predictions in the Exit polls, what I think is that the market is going to gain further."
He added, "I think there is a lot of upside in this stock. With this out-of-the-way victory of the incumbent party, now oil marketing companies (OMCs) will have rooms to fix price in accordance with the crude oil prices in the international market. I think OMC stocks should be bought."
He has given a target of Rs 415 for this stock. At 2:12 pm, BPCL share was trading at Rs 388.5, up 1.09 percent on the BSE.