As per provisional closing data, the barometer index, the S&P BSE Sensex was soared 2,303.19 points or 3.20% to 74,382.24. The Nifty 50 index surged 735.85 points or 3.36% to 22,620.35.
In the broader market, The S&P BSE Mid-Cap index rallied 4.41% and the S&P BSE Small-Cap index added 2.93%.
The market breadth was strong. On the BSE, 2,601 shares rose and 1,219 shares fell. A total of 98 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 29.39% to 18.89.
Lok Sabha Elections :
The Lok Sabha elections 2024 concluded with the Election Commission of India declaring all results. Prime Minister Narendra Modi is set to form the government for a third consecutive term. The BJP emerged as the largest party, winning 240 out of 543 seats, while the Congress secured 99 seats. The BJP-led National Democratic Alliance (NDA) won 293 seats, and the Opposition INDIA alliance obtained 232 seats. Despite significant losses in three Hindi heartland states, the NDA secured a majority in the Lok Sabha after a fiercely contested election.
Economy :
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The seasonally adjusted HSBC India Services Business Activity Index remained comfortably above the neutral mark of 50.0 in May, highlighting a sharp upturn in output. That said, the headline figure fell from 60.8 in April to 60.2, its lowest mark since last December.
Growth was reportedly supported by rising sales, productivity gains and demand strength. The upturn was somewhat hampered by competitive and price pressures.
May data showed that robust increases in new business intakes continued to underpin output growth across India's service economy. Rates of expansion eased to the slowest in the calendar year-to-date, however, amid fierce competition, price pressures and a severe heatwave. Both input costs and output charges rose to greater extents.
Indian private sector output rose sharply halfway through the first quarter, despite another loss of growth momentum. The HSBC India Composite Output Index slipped from 61.5 in April to 60.5 in May, highlighting the slowest rate of expansion since last December. There were softer increases in both factory production and services activity.
IPO Update:
The initial public offer (IPO) of Kronox Lab Sciences received 74,85,54,620 bids for shares as against 66,99,000 shares on offer, according to stock exchange data at 15:40 IST on Wednesday (05 June 2024). The issue was subscribed 111.74 times.
The issue opened for bidding on Monday (03 June 2024) and it will close on Wednesday (05 June 2024). The price band of the IPO is fixed between Rs 129 to Rs 136 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index surged 5.75% to 9,496.60. The index tumbled 10.63% in the past trading session.
National Aluminium Company (up 11.54%), Steel Authority of India (up 9.09%), Hindalco Industries (up 7.82%), Hindustan Copper (up 7.55%), Ratnamani Metals & Tubes (up 6.8%), Tata Steel (up 6.48%), Adani Enterprises (up 6.16%), Vedanta (up 5.88%), Hindustan Zinc (up 5.87%) and Jindal Steel & Power (up 5.46%) advanced.
Stocks in Spotlight:
Tata Motors advanced 2.59% after the company said that its board has approved to set up a wholly-owned subsidiary namely TML Commercial Vehicles (TMLCVL).
Angel One rallied 4.34% after the companys client base jumped 63.3% to 23.83 million in May 2024 as against 14.59 million recorded in May 2023.
State Bank of India (SBI) added 1.74% after the bank said that its board will meet on Tuesday, 11 June 2024 to consider raising funds through issuance of senior, unsecured notes via public offer and private placement methods.
Avenue Supermarts surged 7% after CRISIL Ratings upgraded its rating on the long-term bank facilities of the company to 'CRISIL AAA/Stable from 'CRISIL AA+/Positive.
Hindalco Industries jumped 7.30%. The companys wholly owned subsidiary Novelis Inc. announced the postponement of its initial public offering due to market conditions.
Knowledge Marine & Engineering Works (KMEW) surged 7.11% after the company announced the receipt of letter of award (LOA) from the Dredging Corporation of India for the capital dredging work at the Paradip Port.
Container Corporation of India (CONCOR) gained 4.87% after the company said that it has signed a memorandum of understanding (MoU) with Shipping Corporation of India (SCI) to provide seamless end to end logistics solution.
Delton Cables added 2.58% to Rs 410.20 after the company announced that it has received an order of Rs 177.83 crore from Top EPC Companies under Revamped Distribution Sector Scheme (RDSS Scheme) for supply of power cables.
Shilpa Medicare soared 10.33% after the firm said that its wholly owned subsidiary, Shilpa Biologicals has filed its first Drug Master File (DMF) of recombinant Human Albumin 20% with the United States Food and Drug Administration.
GPT Infraprojects was locked in 5% upper circuit after the company announced that it has secured an order worth Rs 547 crore from Rail Vikas Nigam Limited (RVNL), which has to be executed on an engineering, procurement, and construction (EPC) mode.
KEC International rallied 3.11% after the company announced that it has secured new orders of Rs 1,002 crore in its civil business.
Global Markets:
European market advanced as investors awaiting the European Central Banks latest policy meeting on Thursday.
Asian stocks traded lower on Wednesday. Oil slipped for sixth consecutive day. Brent crude futures fell 7 cents, or 0.09%, to $ 77.45 a barrel.
US stocks rose slightly on Tuesday after data showed a weaker-than-expected labor market, which investors believe will lead the Federal Reserve to cut interest rates. The Dow Jones Industrial Average rose 0.36%, the S&P 500 gained 0.15%, and the Nasdaq Composite gained 0.17%.
According to the Bureau of Labor Statistics, US job openings decreased by 296,000, reaching 8.059 million on the last day of April. This marks the lowest level since February 2021 and signifies a decrease in labor market tightness.
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