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Stock Market Highlights, June 7:RBI policy, Modi-mania lifts Sensex to record high, ends 1619 pts up

Stock Market highlights on Friday, June 7, 2024: The BSE Sensex hit a fresh all-time high of 76,795 on the BSE, surging 1,714 points intraday. On the NSE, the Nifty50 surpassed the 23,300

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Stock Market LIVE: Sensex at day's high, soars 1,000 pts; Nifty above 23,100 post RBI policy

Closing Bell on Friday, June 7: Market bulls extended their rally into a third day on Friday amid positive developments on the monetary policy and political front.

During the day, the Reserve Bank of India (RBI) increased India's FY25 gross domestic product (GDP) growth forecast to 7.2 per cent from 7 per cent projected earliar. Besides, it maintained its 4.5 per cent inflation target for the fiscal year, with eyes on the 4-per cent target over the medium term. 

On the political front, all the members of the National Democratic Alliance (NDA) formally accepted and appointed Narendra Modi as the leader of the alliance and backed his candidature for being the country's Prime Minister for a third term.

Against this, the BSE Sensex hit a fresh all-time high of 76,795 on the BSE, surging 1,714 points intraday. On the NSE, the Nifty50 surpassed the 23,300, and was whiskers away from hitting a new record high.

At close, the BSE benchmark stood at 76,693, up 1,619 points or 2.16 per cent. The NSE Nifty50, on the other hand, ended at 23,290, up 469 points or 2 per cent. 

M&M, Wipro, Tech M, Infosys, Tata Steel, Bajaj Finance, Bharti Airtel, Ultratech Cement, Tata Motors, NTPC, Titan, NTPC, Power Grid, JSW Steel, bajaj Finserv, Reliance Industries, Sun Pharma, and HCL Tech were the top gainers, up between 2 per cent and 5 per cent. 

In the broader markets, the BSE MidCap, and SmallCap indices gained 1.28 per cent and 2.18 per cent, respectively.

Among sectors, the Nifty IT index climbed 3.4 per cent, the Nifty Metal, and the Nifty Realty 2 per cent each, and the Nifty Bank index 1 per cent.

3:51 PM

Tech View :: '50,500 remain key hurdle for Bank Nifty'

Bank Nifty has shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support. This setup suggests potential for further upward movement if the resistance is breached.

Views by: Rupak De, Senior Technical Analyst, LKP Securities
3:50 PM

Tech View :: 'Nifty to remain in uptrend till 23,000 is held'

The Nifty moved up significantly after a flat closing in the previous trading session. The short-term trend looks very positive as the index closed near an all-time high.

Going forward, the market remains a buy on dips as long as 23,000 is not broken. On the higher end, the index might move towards 23,500-23,600. On the lower end, profit booking might occur only below 23,000.

Views by: Rupak De, Senior Technical Analyst, LKP Securities.
3:49 PM

Comment :: Why did markets rally today?

The anticipation of stability within the coalition government at the Centre, coupled with the RBI's upward revision of its growth forecast for FY25 to 7.2%, fuelled a broad-based rally in the domestic market.

The Indian market surpassed its previous record high set on exit-poll day and reached a fresh peak. Though the last mile towards the inflation target remains sticky, investors are expecting the MPC to be one step closer to the easing cycle.

Views by: Vinod Nair, Head of Research, Geojit Financial Services
3:47 PM

Currency check :: Rupee ends 10 paise higher vs US dollar

3:46 PM

BSE Stats :: M-cap nears Rs 423.3 trillion ($5.07 trillion)

3:43 PM

Broader markets :: SmallCap rise in tandem, MidCap trails benchmarks

3:41 PM

Sectoral trends :: IT, Realty stocks lead broad-based gains on Street

3:40 PM

Sensex Heatmap :: All 30 stocks settle higher

3:38 PM

Closing Bell :: Sensex hits new record, zooms over 1,600 pts

3:38 PM

Closing Bell :: Nifty ends tad below 23,300

3:26 PM

Market Check :: Nearly 3,000 advancing stocks on BSE vs less than 1,000 declining stocks

3:16 PM

TDP chief Naidu calls Narendra Modi 'right leader at right time; backs NDA

"NDA govt under the leadership of PM Modi has taken initiatives in the last 10 years. Narendra Modi has a vision and a zeal, his execution is very perfect. He is executing all his policies with a true spirit. Today, India is having the right leader at the right time, and that is Narendra Modi. This is a very good opportunity for India, if you miss it now, we will miss forever. That is where we are having a wonderful opportunity," Naidu said while addressing the NDA MPs meeting at the Samvidhan Sadan of the Parliament building on Friday. READ MORE

3:02 PM

Market check:: BSE Sensex hits new all-time high at 76,794, up over 1,650 points


2:54 PM

Ixigo's parent firm says investors sell shares worth Rs 176 cr in pre-IPO

Le Travenues Technology Ltd, which operates travel booking platform ixigo, on Friday said its existing sharehoders have completed the sale of equities worth a little over Rs 176 crore in a pre-IPO round. READ MORE


2:50 PM

This auto ancillary stock has surged 45% in 3 days; up 97% from March low

Amara Raja Energy & Mobility rallied 14% to hit a new high of Rs 1,449.55 on the BSE in Friday's intra-day trade backed by heavy volumes on healthy business outlook. READ MORE

Sensex, Nifty, stock brokers

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First Published: Jun 07 2024 | 7:14 AM IST

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