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Is it possible for an undergraduate student to make around 4,000 INR monthly via the stock market or by any other means?

Till then keep tracking nifty movement and do paper trading and real trading occasionally. Get obsessed with the market for a year at least.
Know how markets work. Where to enter where to exit.
All can be learnt with a mentor or on YouTube or self trading ie. Practice in the market. Get all the lesson before you can make consistent gain. Market are set to loose if you don't understand it.
So be wise and practice with small amount at least for 3 months. Then you will come to know where you are.
If you don't want to dedicate your time don't enter to stock market. Use your talent where your interest are. From there you can earn handsomely.

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  1. Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
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