Stock Market Highlights, June 5: Sensex soars 2,303 pts, Nifty tops 22,600 on Modi 3.0 hopes

Stock Market Highlights on June 5, 2024: The broader markets outperformed the benchmarks with the BSE MidCap, and SmallCap indices rising 4 per cent and 2.9 per cent, respectively

Closing Bell on Wednesday, June 05, 2024: Equity markets staged a smart rebound on Wednesday as investors assessed increased prospects of the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) forming the next government. Besides, reports suggest that Narendra Modi has tendered his resignation for the second term and will take oath as India's prime miniter for a third term on June 8. 

The BSE Sensex index soared 2,303 points, or 3.2 per cent, to end at 74,382 levels, while the Nifty50 topped the 22,600-mark to close at 22,620, up 736 points or 3.36 per cent. 

They hit intraday highs of 74,535, and 22,670, respectively.

IndusInd Bank, M&M, Tata Steel, Axis Bank, HDFC Bank, Bajaj Finance, Kotak Bank, ICICI Bank, HUL, JSW Steel, Asian Paints, Nestle India, Maruti Suzuki, Wipro, and ITC were the top gainers on the 30-stock index, rising between 3 per cent and 7 per cent. L&T was the only loser on the index. 

Meanwhile, the broader markets outperformed the benchmarks with the BSE MidCap, and SmallCap indices rising 4 per cent and 2.9 per cent, respectively. Volatility gauge, India VIX, also cooled off 29 per cent.

Among sectors, the broad-based rebound was led by the Nifty Metal, and Private Bank indices (up over 5 per cent each), followed by the Nifty Bank, and Auto indices (up over 4 per cent each).

3:53 PM

Tech View :: What are key support, resistance levels for Nifty?

Nifty has shown a sharp recovery, rebounding to touch its 100-day moving average placed at 21,786 and closing above its 21-day EMA.

For a bullish or bearish outlook, it's crucial to monitor key levels. If Nifty sustains above its 21-day EMA or 22,500, a buy-on-dip approach is advisable. Currently, 22,400 acts as support, while 22,800 serves as the initial resistance for the Nifty index.

Views by: Rupak De, Senior Technical Analyst, LKP Securities.

3:45 PM

Comment :: 'Markets exhibited spirited recovery'

Indian market exhibited a spirited recovery driven by broad based buying across various sectors, as political stability appears assured. However, attention will remain on the formation of the government and the forthcoming RBI policy meeting. The market does not expect any change in RBI’s policy stance given persistent high food inflation, and an expectation of an increase in government spending, which has led to a notable traction in FMCG stocks.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:44 PM

Currency check :: Rupee ends 15 paise higher

3:43 PM

Market Stats :: BSE m-cap tops Rs 400-trn again; VIX falls 29%

3:41 PM

Broader markets :: MidCap index gains over 4%, SmallCap 3%

3:40 PM

Sectoral trends :: All indices rally led by Metal, Pvt banks

3:39 PM

Sensex Heatmap :: L&T ends as sole loser on index; CLSA removes stock from India portfolio

>> Given the concerns over capex pace under the BJP-led coalition government, analysts at CLSA have removed L&T from their India portfolio.

>> They have replaced it with HCL Tech

3:37 PM

Closing Bell :: Nifty reclaims 22,600 amid broad-based rally

3:36 PM

Closing Bell :: Sensex zooms over 2,300 pts as indices pin hopes on Modi 3.0

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