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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

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Closing Bell on Monday, June 3, 2024: Indian benchmark indices -- BSE Sensex, and Nifty50 -- clocked their biggest one-day rally ahead of Lok Sabha elections results since 2009. 

The 30-stock Sensex index zoomed 2,507 points, or 3.4 per cent, to end at 76,469 levels, while the Nifty50 jumped 733 points, or 3.25 per cent, to close at 23,264.

The last time the benchmarks logged their biggest single-day rally ahead of election results was in 2009, when they jumped 2.46 per cent.

Among individual stocks, SBI was the top gainer on the Sensex index, soaring nearly 10 per cent. This was followed by NTPC, Power Grid, L&T, Axis Bank, RIL, Ultratech Cement, and M&M.

The benchmarks also hit their respective record highs of 76,739 and 23,338, respectively.

In the broader markets, the BSE MidCap, and SmallCap indices climbed 3.54 per cent and 2.05 per cent, respectively.

Among sectors, the Nifty PSU Bank index jumped over 8 per cent, the Nifty PSE index 7.8 per cent, and the Nifty Realty 6 per cent.

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'

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

broker, stock market

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

A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai
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

construction labour worker

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

Sensex, Nifty, stock brokers

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First Published: Jun 03 2024 | 7:11 AM IST

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