Stock Market, June 3: Sensex, Nifty log biggest 1-day gain ahead of LS poll outcome since 2009

Stock Market Highlights on June 03: The Sensex index zoomed 2,507 points to end at 76,469 levels, while the Nifty50 jumped 733 points to close at 23,264

4:03 PM

Comment :: 'India will experience political stability if BJP wins on June 4'

If the actual election results tomorrow (June 4th) align with what exit polls are suggesting, it is expected that India will experience a period of political stability, clear policy direction and ongoing impetus on infrastructure and capex investments.

This stability is key to maintaining the current, high economic growth cycle. Moreover, there's an expectation that private sector investments, which have been low in recent years, will increase. Keeping these factors in mind, the market is expected to remain bullish and continue its upward growth trajectory.

Views by: Pranav Haridasan, MD and CEO, Axis Securities

3:58 PM

Tech View :: '54,000 is the next big target for Bank Nifty'

Nifty50

On the daily charts, we can observe that the Nifty has broken above the previous swing high of 23,110 suggesting start of a next leg of upmove which can extend till 23,500 - 23,740 from short term perspective.

The psychological level of 23,000 shall act as a key support from short term perspective. Daily and hourly momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicator suggest continuation of the rally.

 

Bank Nifty

Bank Nifty has finally hit a new All time high and we expect the positive momentum to continue. Our short-term target of 51,000 has been achieved. The next target is placed at 53,960 – 54,000 zone as per the Fibonacci extension method. The level of 50,000 shall act as a crucial support from short term perspective.

Views by:  Jatin Gedia – Technical Research Analyst at Sharekhan

3:50 PM

Comment :: 'The sustenance of the broad rally is anticipated to continue'

Exit poll has activated the optimism of a memorable win for the ongoing government, PSUs had a humongous rally, in anticipation of continuation of the reform gains, triggering further re-rate. The sustenance of the broad rally is anticipated to continue in-line with the magnitude of the actual tally, as inflows pours in which were sitting on the sidelines in the last 3 months. Strong economic data like GDP growth of 8.2% in FY24, 100 days measures list and final budget will be the key points market will observe in the coming weeks.

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

3:43 PM

Currency check :: Rupee gains 32 paise vs US Dollar, biggest single-day gain in 6 months

>> Rupee ends at 83.14/$ against Friday’s close of 83.46/$

 

3:42 PM

Broader markets :: MidCap index advances over 3%, SmallCap 2%

3:41 PM

Sectoral trends :: PSU Bank index sprints over 8%, Realty 6%

3:40 PM

Sensex Heatmap :: 27 of 30 index stocks surge; SBI rallies 10%, RIL 6%

3:38 PM

Closing Bell :: Nifty ends atop 23,250

3:38 PM

Closing Bell :: Sensex leaps over 2,500 pts as exit poll predicts return of PM Modi

3:30 PM

ALERT :: RIL hits record high

3:19 PM

Brokers impose higher trading margins to withstand election volatility

Some large Indian brokerage firms have asked clients to furnish higher margins against trades this week to limit the risk of default ahead of the results of India's national elections, due on Tuesday. READ MORE

3:08 PM

Global check:: US, UK stock futures exhibit subdued trend

2:55 PM

PNC Infratech up 7% as subsidiary gets settlement worth Rs 390 cr from NHAI

PNC Infratech shares surged up to 7.1 per cent at Rs 555.50 per share on the BSE in Monday’s intraday trade. The stock prices zoomed after the National Highway Authority of India (NHAI)and PNC Kanpur Highways, a subsidiary of the company, agreed to settle the amount of Rs 398.60 crore under the 'Vivad Se Vishwas Il (Contractual Disputes)' Scheme of Government of India. READ MORE

2:44 PM

Ashoka Buildcon soars 9%, hits all-time high on order win worth Rs 2,152 cr

The surge came after the company bagged two orders worth Rs 2,150 crore from Maharashtra State Road Development Corporation Ltd (MSRDC). READ MORE

2:33 PM

Nifty PSU Bank index zooms 9%; SBI, Central Bank, BOB rally up to 12%

India's banking system continues to ride the good economic growth momentum, well supported by recent structural improvements in the system. READ MORE

2:22 PM

India's manufacturing growth slows for 3rd straight month in May: PMI

But the sector remains in expansionary territory in May. Manufacturing employment rose to one of the greatest extents seen since data collection started in March 2005. READ MORE

2:10 PM

Comment:: Dips to bode well for the market in the near-term

The Exit poll outcome cheered market sentiments, skyrocketing key indices to their respective lifetime high levels.

 

The Implied volatility, a measure of market uncertainty, continues to hover at an elevated zone. The actual outcome is expected to shed light on the recent market move.

 

Given the eventful week with the election outcome and RBI MPC result, it's best to take a cautious approach and maintain a practical view. The overall tone seems to support the bulls, and we expect dips to bode well in the near future.

 

Nifty support – 23,100 - 23,000

 

Bank Nifty Support – 50,000 - 49,500

 

- Osho Krishnan, Sr. Analyst - Technical & Derivative Research: 

1:59 PM

Automakers stocks sprint up post May sales; M&M, Ashok Leyland zoom 6%

Shares of Mahindra and Mahindra (M&M) zoomed 5.9 per cent, hitting its 52-week high at Rs 2,654 per share on the BSE in today's intraday trade. READ MORE

 

1:50 PM

Comment:: Look to book profit around 23,500

The Nifty opened above the previous life time highs of 23,110 today and is holding above, which, is a positive sign. It is currently placed above the upper edge of the rising parallel channel.

 

We believe that the Nifty has the potential to touch 23,500 as the counting starts on 4 June. However, traders must use this an opportunity to book profits in their long positions and wait for dips in Nifty around 23,000 to 22,800 levels to create fresh long positions. The medium-term target in Nifty is around 24,500.

 

- Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities

1:39 PM

Market check:: 9 out of 30 Sensex stocks gain from than 4%; HCL Tech, Asian Paints the 2 laggards

1:28 PM

Foreign flows into India large-cap funds continue ahead of exit poll result

The majority of these investments are being directed towards the top 100-120 large cap companies in India. Interestingly, inflows into mid and small-cap funds have ceased since November 2023. READ MORE

1:14 PM

Not the time to buy stocks at these levels; avoid mid, small-cap counters

With Monday's sharp rally that took the Sensex past the 76,000 mark and the Nifty50 past the 23,300 levels for the first time ever, equity markets seem to have fully priced in the consensus exit poll results. That said, the implied volatility continues to remain fairly high as compared to the average seen historically. So unless we get a confirmation on the actual Lok Sabha election numbers on June 04, the undertone still remains edgy. READ MORE

1:02 PM

SBI market-cap crosses Rs 8 trillion-mark for 1st time; stock rallies 8.4%

State Bank of India (SBI), on Monday, joined the elite club of stocks having market capitalisation of Rs 8 trillion. The country's largest public sector bank's (PSB's) m-cap crossed the milestone for the first time today after its share price rallied 8.4 per cent, hitting a new high of Rs 899.55 on the BSE in the intraday trade. SBI's stock was up 8.2 per cent at Rs 898.45 on the BSE at 11:58 AM, translating into a Rs 8.02-trillion market cap. In comparison, the S&P BSE Sensex was up 3.1 per cent at 76,279. Read more

12:59 PM

Sensex, Nifty at record highs after exit polls; portfolio strategy here

Benchmark indices Sensex, and Nifty50 hit record highs on Monday, June 3, 2024, after exit polls, over the weekend, indicated a decisive victory for the Prime Minister Narendra Modi-led Bharatiya Janata Party (BJP) government.

The benchmark Sensex hit a new all-time high of 76,738.89, while the Nifty50 surpassed the 23,300-mark to reach 23,338.70. Read more
 

12:40 PM

Asian markets update

12:35 PM

Infra, state firms big winners as exit polls indicate PM Modi's victory

Shares of Indian state-run companies and infrastructure-related firms are standing out as exit polls predict a landslide victory for Prime Minister Narendra Modi’s ruling party.

Citigroup Inc. and Jefferies Financial Services Inc. see manufacturing and electric vehicles among other the key winners if exit polls translate into a similar result for the Bharatiya Janata Party when votes are counted June 4. Read more

12:25 PM

Hopeful results will be totally opposite to exit polls, says Sonia

Congress leader Sonia Gandhi on Monday said her party is very hopeful that the results of the Lok Sabha elections will be totally opposite to what has been shown in the exit polls.

"We have to wait, just wait and see," Sonia Gandhi told PTI when asked about her expectations from the results scheduled to be announced on Tuesday. Read more

12:20 PM

BSE mcap hits $5.1 trn, as indices soar on exit poll majority for BJP

A confluence of triggers led by the exit poll data predicting a clear victory for the BJP coupled with stellar GDP data and GST collections pushed the market cap of the Bombay stock exchange (BSE) to Rs 424 trillion or $5.09 trillion in value terms on Monday. 

Further investors saw a surge in wealth by Rs 12.48 trillion, coinciding with the Sensex reaching its all-time high. Read more

12:11 PM

Capital goods soars 6%, records sharpest intra-day rally since March 2020

Shares of capital goods companies are on a roll, as the S&P BSE Capital Goods index rallied 6.4 per cent to 74,550 on the BSE in Monday’s intra-day trade.

Notably, the index recorded its sharpest intra-day rally in over past four years. Earlier, on March 26, 2020, the BSE capital goods index had surged 7.6 per cent in intra-day deal.

Bharat Electronics Limited (BEL), Larsen & Toubro (L&T), Hindustan Aeronautics Limited (HAL), CG Power and Industrial Solutions, Bharat Heavy Electricals Limited (BHEL) and Schaeffler India have rallied between 7 per cent and 9 per cent in intra-day trade today. Read more
 

11:59 AM

After guilty verdict, investors weigh Trump 2.0 factor as election looms

Donald Trump last week became the first former president convicted of a felony, but Wall Street believes he still has a solid chance of winning the November election and is gaming out how a second term for the Republican candidate could impact markets.

 

Investors said a Trump victory could broadly boost the stock market and buoy the dollar. But his proposed tariffs and extended tax cuts could also stoke inflation and hurt US government bonds, they said. Read more