Mumbai-based brokerage firm JM Financial has forecasted that the Nifty, the benchmark index of the National Stock Exchange (NSE), may experience a gain of approximately 1,000 points in the month of September. JM Financial has set a target of 20,432 for the Nifty, which implies a 4.6% increase from Monday’s closing level of 19,528. The brokerage firm believes that the market rally would benefit stocks such as PNB Bank and Hindalco.

This prediction by JM Financial is based on the positive momentum witnessed by the Indian stock market in recent times. Despite the ongoing COVID-19 pandemic, the Indian stock market has shown resilience and has been on an upward trajectory. The benchmark indices, including the Nifty, have been performing well, and several investors have profited from the market rally.

PNB Bank is considered as a potential beneficiary of the market rally due to its strong performance and improved financials. The bank has been focused on improving its asset quality and has taken necessary steps to reduce its non-performing assets (NPAs). With the improvement in the economy and the banking sector, PNB Bank is expected to capitalize on the market rally.

Hindalco, an aluminum manufacturing company, is another stock that JM Financial has identified as a potential beneficiary of the market rally. Hindalco has a strong presence in the domestic and international markets and has been performing well despite the challenges posed by the pandemic. The demand for aluminum has been rising, and Hindalco is well-positioned to cater to the growing demand.

The bullish outlook presented by JM Financial indicates that the Indian stock market may continue its upward movement in the coming months. Investors have been optimistic about the recovery of the economy and have shown confidence in the stock market. However, it is important to note that stock market predictions are subject to market risks and uncertainties. Investors should conduct thorough research and analysis before making any investment decisions.