MarketSmith Identifies Five Stocks to Watch on 11 May

Indian Stock Market Extends Losses, Investors Cautious Amid Geopolitical Uncertainty

The Indian stock market faced another day of losses on Friday, 8 May, with the benchmark indices, the Sensex and Nifty 50, extending their decline for a second consecutive session. The Sensex fell 516 points (0.66%) to close at 77,328.19, while the Nifty 50 declined 151 points (0.62%) to settle at 24,176.15.

The selling pressure was led by heavyweight lenders, including State Bank of India, HDFC Bank, ICICI Bank, and Axis Bank, which emerged as the top drags on the Sensex. A total of 18 out of 30 index constituents ended in the red.

In contrast, broader markets showed relative resilience. The BSE Midcap index edged down 0.05%, while the BSE Smallcap index managed a modest gain of 0.15%, continuing its outperformance trend. The overall market capitalisation of BSE-listed companies remained largely steady at around ₹473 lakh crore, supported by strength in mid- and small-cap stocks.

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The Gift Nifty Live Chart is showing a negative start for the Indian stock market today. By 7:34 AM, the Gift Nifty was trading around the 24,066 level, a discount of 169 points from the Nifty futures' previous close of 24,234.60. Analysts are cautious about the market's performance, citing evolving geopolitical developments and mixed global cues.

Fresh concerns emerged after Donald Trump reportedly dismissed Iran's response to the latest US peace proposal as "totally unacceptable," dampening hopes of an immediate diplomatic breakthrough. The development has once again brought the Strait of Hormuz and broader risks of supply disruption in global energy markets back into focus.

Crude oil prices remain elevated, currently trading in the $97–99 range, as markets continue to price in persistent geopolitical uncertainty and supply-side risks linked to Middle East tensions. Elevated energy prices are keeping inflationary pressures and currency-related concerns firmly on the radar for emerging markets, including India.

Read also: Nifty 50 Faces Uphill Battle Against Bank Nifty as Trading Remains Range-Bound

Stocks to Buy Today

According to analysts, the following stocks are recommended for purchase:

Metropolis Healthcare Ltd

• Buy above ₹555
• Stop loss: ₹530
• Target price: ₹620 (Multiday)

Metropolis Healthcare Limited offers diagnostics including blood tests, advanced molecular diagnostics, genomics, and hospital laboratory management. The stock has recently shown a V-shaped recovery, with a strong thrust above the value area at 510.

Bharat Forge Ltd

• Buy above ₹1,993
• Stop loss: ₹1,990
• Target price: ₹2,175 (Multiday)

Bharat Forge Limited (BFL) is a Pune-based Indian multinational company and a global leader in high-performance, safety-critical components. The defence sector is showing strong drive, backed by some strong sales overseas. Robust recovery in Class-8 truck demand and healthy momentum in the domestic CV segment are expected to support growth.

Timken India Ltd

• Buy above ₹3,600
• Stop loss: ₹3,480
• Target price: ₹3,890 (Multiday)

Timken India Limited (Timken India) is a prominent manufacturer and distributor of engineered bearings, industrial motion products, and specialized services. The steady rise seen in the prices forming higher lows is indicating that the long bias continues to hold. We are also noticing some steady volumes that is now helping the rise sustain the uncertain environment.