Markets are expected to remain volatile in the short term, even as the NDA-led BJP is set to form the government for the third time, making history. Given the known factors, it’s advisable to allow some time for the markets to stabilize following the unexpected election outcome. Traders and investors should be cautious and consider focusing on defensive and non-government-driven sectors such as FMCG, Telecom, and Pharma stocks. The upcoming budget and quarterly earnings reports will be crucial events that could influence market movements. FIIs are likely to reconsider their positions, and DII money will be tested in the short term, which is a cause for concern. Technically, the upside appears limited in the short term, while the downside may develop in phases. The key level to watch is the psychological 21,000 mark; if the market closes below this level, further selling could drive it down to test 20,200.
Stock Market Highlights: Sensex Ends 2,303 Points Higher, Nifty Tops 22,600 As Bulls Stag Recovery; All Sectors In Green
Stay updated with our live coverage of the stock market as it reacts to the Lok Sabha Election Results 2024. Get real-time updates, analysis, and expert insights on Sensex, Nifty, and market trends.
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Share Market LIVE Updates: Indian shares staged a strong rebound during Wednesday’s trading session. This market movement occurred as two key allies pledged their support to form a new government with the BJP, giving investors confidence in political stability and continuity.
Besides, reports suggest that Narendra Modi has tendered his resignation for the second term and will take oath as India’s prime minister 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).
Stock Market Live News Update: Sensex Soars 2,303 Points, Nifty Tops 22,600 On Modi 3.0 Hopes
Stock Market Live News Update: Sensex surges over 2,400 pts, Nifty above 22,600
Indian equities soared as investors digested the unexpected Lok Sabha 2024 election outcome.
Stock Market LIVE Updates: Nifty recovers 50% of June 4 decline
Stock Market Live News Update: Weak majority for BJP poses challenges to reform agenda, says Fitch
The BJP losing its outright majority and relying on allies to form a government could pose challenges for the more ambitious elements of reform agenda like land and labour, Fitch Ratings said in a note on Wednesday.
PM Modi to take oath for his third term on June 8: Reports
Narendra Modi is set to form the government for a historic third term, with his oath-taking ceremony set for June 8, following the BJP-led NDA’s win in the Lok Sabha elections. Modi will be the second Prime Minister in Indian history to achieve this feat after the country’s first prime minister, Jawaharlal Nehru, served three consecutive terms.
Read here for more updates: Modi To Take Oath As Prime Minister On June 8, BJP Say Sources As NDA Organises Meet In Delhi
Stock Market LIVE Updates: Nifty Metal index surges 4%
NALCO, SAIL, Hindustan Copper among top gainers from metals pack at this hour
Market LIVE Updates: Prashanth Tapse, Senior VP (Research), Mehta Equities
Stock Market Live News Update: NLC India shares slip 5% on plans to raise $600 mn foreign currency loan
NLC India’s board of directors are set to meet on June 10, 2024 to consider and approve foreign currency loan through external commercial borrowings (ECB) up to $600 million
Stock Market Live News Update: PMI data for May falls marginally at 60.2
India May Services PMI at 60.2 as against 60.8 in April while its May Composite PMI was recorded at 60.5 versus 61.5 in April.
Stock Market LIVE Updates: Nifty Auto index hits 52-week high, jumps over 4%
Stock Market LIVE: FMCG Stocks In Focus
- Nifty FMCG surges over 6%
- Colgate, Dabur, HUL shares among top gainers
Stock Market Live News Update: Shares of Heritage Foods Has Zoomed 34% In 3 Days On TDP's Landslide Win
Shares of Heritage Foods hit a record high of Rs 538, as they rallied 18 per cent on the BSE in Wednesday’s intra-day trade on the back of heavy volumes.
In the past three trading sessions, the stock of dairy products company has surged 34 per cent following the news that Chandrababu Naidu was set to become Andhra Pradesh Chief Minister for fourth term after Telugu Desam Party’s (TDP’s) landslide victory. In the past one month, the stock has zoomed 63 per cent.
Stock Market Live News Update: Risk-reward unfavorable for ‘narrative’ stocks, even after correction
In a report on Wednesday, analysts at Kotak Institutional Equities said that they expect a reset in the market’s hitherto cavalier investment stance toward ‘narrative’ stocks.
“We have struggled with the implied growth and profitability assumptions embedded in the market cap. of several ‘narrative’ stocks (capital goods, electric utilities and PSUs). We find the risk-reward unfavorable for these companies, notwithstanding the sharp decline in stock prices on election day. Most of these ‘narrative’ stocks have risen sharply over the past 12-15 months. They offer a large downside to their fundamental fair values and trade at rich-to-bubble valuations,” analysts wrote in the report.
Sensex Today: Telecom spectrum auctions postponed to June 25
Stock Market Live News Update: Reliance Industrial Infrastructure trades ex-dividend
Stock Market LIVE Updates: Sensex Surges 1,000 Points
Stock Market LIVE Updates: HUL, ITC drive Sensex 600 points higher
Sensex Today: Realty stocks fall up to 7%
Stock Market Live News Update: PSU stocks trade with cuts
Sensex, Nifty LIVE Updates: Oil near 4-mth low after OPEC+ supply plan, US stock build
