IRFC, Minda, Puravankara, IEX: After Market Hits Record High, Analysts Expect Buying In 4 Dividend Stocks

With the saffron party sweeping away a big win in three major states of northern India this assembly elections, bulls marched across Indian indices taking Sensex and Nifty to yet another fresh lifetime high. Sensex skyrocketed as much as coming closer to the psychological 69,000 mark, while Nifty zoomed over 20,700, signalling a 21,000 level sooner than expected. The uptrend is likely to continue in the remaining weeks of 2023, and following this, experts have recommended buying in a couple of attractive stocks.

Sensex and Nifty recorded the biggest single-day upside in 2023. After market hours on Monday, Sensex ended at 68,865.12, zooming by 1,383.93 points or 2.05%. While Nifty climbed by 418.90 points or 2.07% to end at 20,686.80.

Overall, on December 4th, Sensex and Nifty recorded a huge upside of 1437.03 points and 435 points respectively.

But so far in 2023, Sensex soared by a massive 7,697.33 points or 12.58% and the Nifty 50 gained by 2,489.35 points or 13.68%.

The outcomes of the votes of four state elections were concluded on December 3rd. The current ruling government BJP will continue to govern Madhya Pradesh for another term, while the party toppled its rival Congress from power in Rajasthan and Chhattisgarh. However, Congress claimed a victory in Telangana state. With BJP's big win, markets are well-poised for more upside. Analysts are expecting lucrative buying in stock-specifics, from which, four of them are dividend paying shares.

According to Kushal Gandhi, Technical Analyst, StoxBox, the 50 index scaled to new life highs to 20602, extending the bull run for 5th consecutive trading session after BJP's stellar win in 3 out of 5 state elections.

He added, "While the market status remains in a confirmed uptrend, and the price action is trading over 3.5% away from the mean, we anticipate a potential disbelief rally to play out from here as retail FOMO can take us to 21000. As the market status remains positive, we reiterate to take the opportunity of every dip in the index."

With that, Gandhi said, "We anticipate lucrative buying opportunities in Dmart, PB Fintech, Aurionpro Solutions, IRFC and IEX."

Meanwhile, Manish Chowdhury, Head of Research, StoxBox said, "Following strong gains over the last week, we expect markets to be rangebound for the next few days before resuming the upward move in the latter half of December 2023. We would not be surprised to see markets closer to the 22,000 levels before the general elections in 2024."

Chowdhury said, "Our overall view for 2024 remains positive on the back of expected inflows from FIIs, expected rate cuts from major central banks around the globe including India, a well-round positioning of India vis-à-vis other emerging economies and continued efforts by the government to make India as a major manufacturing hub. From a sectoral perspective, we are positive on the automobiles and real estate sectors from a 12-18 months perspective, with Minda Corp. and Puravankara remaining our top picks."

Of the good bets, four of them are dividend-paying stocks. These are IRFC, Aurionpro Solutions, IEX, and Minda Corporation.

Latest Dividends:

IRFC: At the latest, this Railway stock turned ex-dividend on November 10th for an interim dividend of Rs 0.80 per share having a face value of Rs 10 each for FY24. In FY23, the company paid 15% dividends aggregating to Rs 1.5 per share. The stock's dividend yield is at 1.96%.

Aurionpro Solutions: This year, the company paid a dividend of 25% amounting to Rs 2.5 per share for the financial year 2022-23. Its dividend yield is at 0.13%.

Indian Energy Exchange (IEX): This energy exchange paid 100% dividends aggregating to Rs 1 per share for FY23. Currently, the stock's dividend yield is at 0.69%.

Minda Corp: The company has paid dividends up to 60% or Rs 1.2 per share for FY23 in the current year. The stock's dividend yield is at 0.32%.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.