Closing Bell: Sensex, Nifty surge over 3% on result eve; Bank Nifty around 51,000

Indian equity indices ended on strong note on June 3 with Nifty around 23,300 after exit poll results predicting a significant win for the BJP-led NDA. At close, the Sensex was up 2,507.47 points or 3.39 percent at 76,468.78, and the Nifty was up 733.20 points or 3.25 percent at 23,263.90.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Above 23,400, Nifty may move towards 24,000: Ajit Mishra – SVP, Research, Religare Broking

Markets started the week strongly, gaining over 3% primarily due to exit poll numbers indicating political stability. Following a sharp gap-up, the Nifty steadily climbed throughout the day, closing near the day’s high at 23,263.90. All major sectors, except IT, contributed to the rise, with banking and metal sectors leading the gains. Broader indices also moved higher, posting gains between 2.5% and 3.3%.

As we await the official election results, significant volatility is expected. The index has now established a base in the 22,600-22,800 range, and a decisive close above 23,400 could drive it towards the 24,000 mark. While most sectors are supporting the market's rise, the IT sector continues to struggle. Traders should prioritize careful stock selection and effective risk management in their strategies.

Expect rupee to maintain its strength, says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

The rupee traded higher by 0.30, closing at 83.15, and touched a high of 82.98 in the opening session. Expectations of the current government winning by a good margin attracted rupee buyers, anticipating positive fund flows. The trend remains volatile due to dollar fluctuations, but the rupee is expected to maintain its strength if the election results align with exit polls.

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty started the day by breaking out from the previous swing high on the daily chart, driven by the exuberance created following the exit poll. The sentiment remains highly dependent on the election results tomorrow. If the election results align with the exit poll or fall below the exit poll numbers, it might attract mild to heavy selling pressure in the overall market, including the Nifty space. However, if the results are better than expected—meaning if the NDA secures significantly more seats than the average exit poll numbers—then the Nifty might embrace another round of buoyant movement.

Today, Bank Nifty broke through all resistance levels, indicating a strong bullish sentiment driven by the exit poll results. However, it's advisable to observe the market for the next 2-3 sessions before making any conclusions about adopting a buy-on-dip strategy.

Nifty may test 23500 - 23740 in short term, says Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty witnessed a gap up opening and consolidated with a positive bias to close with gains of ~733 points. On the daily charts we can observe that the Nifty has broken above the previous swing high of 23110 suggesting start of a next leg of upmove which can extend till 23500 - 23740 from short term perspective.

The psychological level of 23000 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 has finally hit a new all-time high and we expect the positive momentum to continue. Our short-term target of 51000 has been achieved. The next target is placed at 53960 – 54000 zone as per the Fibonacci extension method. The level of 50000 shall act as a crucial support from short term perspective.

Vinod Nair, Head of Research, Geojit Financial Services

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.

Aditya Gaggar Director of Progressive Shares

Indian equities commenced the month of June on a robust note at a fresh high of 23,338 but then oscillated in a narrow range throughout the day to settle the trade at 23,263.90 with gains of 733.20 points. All the sectors ended the day in green with PSU Banks and Energy being the top performers. Broader markets have witnessed a mixed trend where Midcaps more or less moved in tandem with the Frontline Index while Smallcaps underperformed.

On the daily timeframe, the Index has formed a Hanging Man candlestick pattern which represents trend reversal but in the near term, it is the general election's outcome likely to influence the market trend which will lead to immense volatility.

Currency Check | Rupee closes 32 paise higher

Indian rupee ended 32 paise higher at 83.14 per dollar on Monday against Friday' close of 83.46.

Market Close | Sensex, Nifty end strong; Bank Nifty at 51,000

Indian equity indices ended on strong note on June 3 with Nifty above 23,250 after exit poll results predicting a significant win for the BJP-led NDA.

Brokerage Call | Morgan Stanley keeps 'overweight' rating on Apollo Hospitals, target Rs 7,181

#1 Should achieve mid-teens growth in FY25

#2 Has a clear strategy to achieve EBITDA breakeven for its 24/7 online platform

#3 Maintain overweight owing to steady growth & improving ROCE

Stock Market LIVE Updates | Indian Bank raises lending rate by 5 bps

The state-run bank has raised its marginal cost of funds-based lending rate by 5 bps on its 3-month to 1-year tenures, with effect from June 3.

Brokerage Call | Macquarie keeps 'outperform' rating on Aurobindo Pharma, target raises to Rs 1,385

#1 Announced signing of a master service agreement with Merck Sharp & Dohme
#2 To set up 30 KL capacity for production of mammalian cell culture based biologics
#3 First of its kind biologics CMO contract from a large pharma
#4 Estimate potential upside of Rs 170 per share from the contract

Stock Market LIVE Updates | PNB hikes lending rate by 5 bps

The public sector lender has increased its marginal cost of funds-based lending rate by 5 bps on 3-month to 3-year tenures, with effect from June 1.

Sensex Today | 1.35 million shares of Gail India change hands in another bunched trade: Bloomberg

Stock Market LIVE Updates | Rossari Biotech incorporats wholly-owned subsidiary in Dubai

The company has incorporated its wholly-owned subsidiary Rossari Global DMCC in Dubai. DMCC is the Dubai Multi Commodities Centre.

Brokerage Call | Morgan Stanley initiates 'overweight' call on Suzlon, target Rs 58.5

#1 Suzlon 2.0 is well positioned to benefit from India's energy transition
#2 Company much stronger after deleveraging, & leaner after cutting fixed operating costs
#3 Think the market has not fully appreciated its growth potential yet
#4 Expect wind orders of 32 GW (USD 31 billion) over next five years
#5 Earnings to grow at a 57 percent CAGR in FY24-27

Sensex Today | RIL stock hits new record high of Rs 3,025

Spot USDINR to trade between 82.70-83.50: Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

Indian Rupee appreciated by 0.38% today as domestic markets rallied after exit polls show the ruling party to come back to power for the third consecutive term. This may lead to political stability and may result in fresh foreign inflows. Strong macroeconomic data also supported the Rupee. India’s economy expanded 8.2% in FY2023-24 versus 7.2% in FY 2022-23. India’s fiscal deficit narrowed to 5.63% of GDP in FY24 at Rs 15.63 lakh crore vs government target of 5.8%. However, disappointing manufacturing PMI capped sharp gains.

We expect Rupee to trade with a positive bias on optimism ahead of election results on Tuesday. Rise in risk appetite in global markets, a weak Dollar and a decline in crude oil prices may also support the Rupee.

Markets expect the ruling party to come back to power for the third term. However, any adverse outcome may negatively impact the Rupee. Investors may remain cautious ahead of RBI’s monetary policy later this week. Traders may take cues ISM manufacturing PMI and construction spending data from the US. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.50.

Sensex Today | Adani Group stocks rally; Adani Ports up 10%, Adani Power rises 17%

Brokerage Call | CLSA upgrades Apollo Hospitals to 'buy'; target Rs 7,150

#1 Targeting 15 percent revenue growth in hospitals driven by volume growth
#2 Guided EBITDA margin of 25 percent by year-end FY25 for its hospital segment
#3 It expects Apollo 24/7 to break even in next 6-8 quarters
#4 Believe capping rates for hospitals will be difficult to implement
#5 Think recent decline in stock price is unwarranted

Stock Market LIVE Updates | Shriram Finance reappoints Umesh Revankar as Executive Vice Chairman

The board has approved the re-appointment of Umesh Revankar as Executive Vice Chairman of the company for 5 years, with effect from October 26, 2024, to October 25, 2029.

Further, the board approved the elevation and re-designation of Parag Sharma as Managing Director & CFO of the company, with effect from June 1, 2024. Parag Sharma was Joint Managing Director & Chief Financial Officer of the company.

Stock Market LIVE Updates | Market cap of BSE-listed companies hits a record high of Rs 424 lakh crore ($5.10 trillion)

Sensex Today | Maithan Alloys arm to resume production in June

Impex Metal & Ferro Alloys, a a wholly owned subsidiary of Maithan Alloys, proposes to resume its production during the month of June -2024 and production of ferro alloys will be gradually scaled up.

Sensex Today | 2.38 million shares of Central Bank of India traded in a bunch: Bloomberg

Sensex Today | IRB Infra shares surge 10% on increase in toll tax buzz

Shares of IRB Infrastructure Developers leaped over 13 percent to Rs 74.6 on May 3 on reports that the center is likely to increase road toll charges between 3 percent and 5 percent after putting the annual increase on hold in April due to the country's general elections, CNBC TV-18 reported. Read More

Sensex Today | Vakrangee to acquire 18.5% stake in Vortex Engineering

Vakrangee has entered into a Share Purchase Agreement today i.e. June 3, 2024 for acquisition of 18.5% equity share capital of Vortex Engineering Private Limited from Tata Capital Innovations Fund (Seller).

Sensex Today | GE Powe's CFO Yogesh Gupta resigns ; appoints Aashish Ghai as new CFO

Stock Market LIVE Updates | Navin Fluorine International appoints Nitin Kulkarni as MD

The board of directors of the company, at its Meeting held today has appointed Mr. Nitin G. Kulkarni as (a) Additional Director of the company w.e.f. June 24, 2024 to hold office upto the date of the forthcoming Annual General Meeting, and (b) Managing Director and Key Managerial Personnel of the company for a tenure of 5 consecutive years commencing from June 24, 2024 to June 23, 2029, liable to retire by rotation, subject to approval of shareholders.

Sensex Today | 1.64 million shares of Gail India traded in a bunch: Bloomberg

Markets@2 | Sensex, Nifty up 3% each

The Sensex was up 2,364.39 points or 3.20 percent at 76,325.70, and the Nifty was up 711.20 points or 3.16 percent at 23,241.90. About 2216 shares advanced, 1294 shares declined, and 106 shares unchanged.

Shipping Corp, IDBI Bank shares skyrocket on buzz over govt's divestment plan

Shares of Shipping Corporation of India and IDBI Bank zoomed close to 9 percent each on June 3 following reports that the plans to divest stake in the two companies were on the first 100-day agenda of the BJP-led NDA. As per a report by CNBC Awaaz, citing sources, the new government, which is likely to be formed by the NDA if exit polls are anything to go by, is likely to focus on disinvestment in its first 100 days in office. According to that report, it will be Shipping Corporation of India along with IDBI Bank that will be on the list this time around. READ MORE

Stock Market LIVE Updates | DroneAcharya bags drone export order worth Rs 15 crore

Stock Market LIVE Updates | Only 6 out of 50 Nifty stocks on the losing end

Stock Market LIVE Updates | Power Grid, Adani Ports among top stocks that hit 52-week high

Stock Market LIVE Updates | Moschip Technologies bags RS 509 crore contract

The Hyderabad-headquartered company has secured a Rs 509.37 crore contract from the Centre for Development of Advanced Computing (CDAC). The contract includes the design, development, and delivery of an HPC SoC based on 5nm technology.

Sensex Today | Nifty Midcap 100 index hits fresh record high

Stock Market LIVE Updates | Puravankara acquires 1.75 acres of land in Thane

The real estate developer, through its subsidiary Purva Oak, has acquired 12.75 acres of land in Thane. The land has an estimated potential carpet area of 18.20 lakh square feet and a potential gross development value (GDV) of Rs 4,000 crore over the project lifecycle.

Sensex Today | Aurobindo Pharma rises 4% as arm inks pact with MSD

Shares of Aurobindo Pharma surged close to 4 percent in trade on June 3 after the company's wholly-owned subsidiary, TheraNym Biologics inked a master service agreement with Merck Sharpe & Dohme Singapore for contract manufacturing of biologicals. Read More

Sensex Today | BSE Midcap index up rose 3.5%; REC, Power Finance Corp, Canara Bank up 9-12%

Stock Market LIVE Updates | Rajnish Retail approves sub-division of shares

Rajnish Retail has announced that its board has approved Sub-Division/Split of 1 Equity Share into 5 equity shares, subject to the approval of the members of the company and other regulatory / statutory approvals as may be required.

The record date for the sub-division of equity shares shall be decided by the Board and will be intimated to the stock exchanges after receipt of approval of the members.

Markets@1 | Nifty holds 23,200, Sensex up 2,300 points; mid, smallcaps gain

The Sensex was up 2,327.71 points or 3.15 percent at 76,289.02, and the Nifty was up 702.70 points or 3.12 percent at 23,233.40. About 2275 shares advanced, 1215 shares declined, and 104 shares unchanged.

BSE Midcap index surged 3.5% and Smallcap index was up 2%

All the sectoral indices are trading in the green.

Stock Market LIVE Updates | BSE acquires entire stake in Asia Index

The country's oldest stock exchange has completed the acquisition of S&P Dow Jones Indices’ entire equity stake in Asia Index (AIPL), making AIPL a wholly-owned subsidiary of BSE. AIPL will continue to provide its services to clients who are subscribed to AIPL’s indices/data products. AIPL was a joint venture between S&P DJI and BSE and is best known for calculating and maintaining the popular index Sensex.

Stock Market LIVE Updates | Endurance Technologies arm acquires 100% stake in Italy-based company

Subsidiary Endurance Overseas Srl, Italy, has acquired a 100% stake in Italy-based Ingenia Automation Srl for 3.6 million euros. Ingenia operates in the design, production, and installation of industrial automation systems.

Sensex Today | BSE Smallcap index rises 2%; IRB Infra, Moschip Technologies, Gujarat Industries Power up 8-10%

Sensex Today | Atul Suri predicts government push for EVs, e-commerce in new 125-day agenda

Electric vehicle (EV), green energy, e-commerce sectors, capital goods, real estate are amongst sectors that are likely to see strong government support, said Atul Suri, CEO of Marathon Trends.

"I feel the next big thing is going to be this whole 125-day agenda. Interestingly, Modi has increased it from 100 days of the new government to 125 days," Suri said in an interaction with CNBC-TV18.

"I think there's going to be a lot on the electric vehicle side," Suri said. Read More

Stock Market LIVE Updates | K C Ramesh ceases to be Chief Financial Officer on ONGC

The state-owned oil & gas exploration company said K C Ramesh ceased to be Chief Financial Officer with effect from June 1, due to superannuation.

Sensex Today | BSE Power index surges 7.5%; Adani Power, Power Grid Corp, Adani Energy up 7-13%

Sensex Today | Adani Group stocks extend rally, gain Rs 2.6 lakh crore in two sessions

Adani Group stocks continued their surge for the second consecutive session on June 3, mirroring the bullish trend in Indian equities.

The increased trading volumes contributed to a significant rise, adding over Rs 2.6 lakh crore to the group's market capitalization over these two sessions. Read More

Brokerage Call | Morgan Stanley initiates 'overweight' call on Suzlon, target Rs 58.5

#1 Suzlon 2.0 is well positioned to benefit from India's energy transition
#2 Company much stronger after deleveraging, & leaner after cutting fixed operating costs
#3 Think the market has not fully appreciated its growth potential yet
#4 Expect wind orders of 32 GW (USD 31 billion) over next five years
#5 Earnings to grow at a 57 percent CAGR in FY24-27

Sensex Today | BSE Telecom index gains 2%; MTNL, Tejas Networks, Railtel Corporation top contributors

Sensex Today | Puravankara issues corporate guarantee on behalf of its wholly owned subsidiary Grand Hills Developments Private Limited

Sensex Today | Expect Nifty to surpass 24,000 mark, says Santosh Meena, Head of Research at Swastika Investmart

Nifty and Sensex have reached record highs following positive exit polls, with much of this optimism already reflected in current market levels. If the exit poll results are confirmed by the actual election outcome, we could see further gains, with Nifty possibly advancing towards 23,500 and Sensex approaching 77,000.

In the near term, we might observe consolidation within the 23,000 to 23,500 range for Nifty. Despite this, the overall trend remains bullish, and Nifty is expected to surpass the 24,000 mark in the coming days after a period of consolidation.

This is supported by the attractive valuations in large-cap stocks and the anticipated increase in foreign institutional investor (FII) inflows into the Indian market following the election results.

Sensex Today | Aaron Industries receives a new work order worth Rs 2.74 crore

Stock Market LIVE Updates | Poonawalla Fincorp shares gain on better NPA

The NBFC company has achieved a milestone of gross NPA below 1% and net NPA below 0.5% as of May 31, 2024.

Stock Market LIVE Updates | NMDC shares gain despite weak production, sales data

The company announced total iron ore production at 2.34 million tonnes in May 2024, down 37% from 3.71 million tonnes in the year-ago period. Iron ore sales fell 22% YoY to 2.82 million tonnes.

Sensex Today | Nifty FMCG index up 1%; Godrej Consumer, HUL, Tata Consumer top gainers

Sensex Today | SBI hits record high as market cap crosses Rs 8 lakh crore

Stock Market LIVE Updates | PNC Infratech arm gets Rs 390.62 crore from NHAI

Subsidiary PNC Kanpur Highways has received Rs 390.62 crore from NHAI. This is part of the Settlement Agreement executed by the National Highways Authority of India and PNC Kanpur Highways due to a one-time settlement under the Vivad Se Vishwas II Scheme of the Government of India.

Sensex Today | Autos, FMCG, consumer durables will do better on good monsoon: Ambareesh Baliga

#1 Infra sector (cement & steel) will be the major beneficiary of reforms under Modi 3.0
#2 Railways & defence will also benefit but stocks may not perform the way they have in the past
#3 Autos, FMCG, consumer durables will do well due to good monsoon
#4 FMCG, consumer durables to do well over the next couple of months
#5 Sectors to play for the next couple of days: Adani group stocks, defence & railways

Markets@12 | Sensex up 2,300 points, Nifty above 23,200

The Sensex was up 2,324.23 points or 3.14 percent at 76,285.54, and the Nifty was up 702.20 points or 3.12 percent at 23,232.90. About 2437 shares advanced, 968 shares declined, and 153 shares unchanged.

Adani Ports, Power Grid Corp, BPCL, NTPC and Adani Enterprises were among major gainers on the Nifty, while losers included Eicher Motors, LTIMindtree, HDFC Life and Divis Labs.

All the sectoral indices were trading in the green with Power index up 7 percent, PSU Bank up 6.7 percent.

BSE Midcap index rose 3 percent and Smallcap index gained 2 percent.

Sensex Today | BSE Capital Goods index rises 5%; L&T, Bharat Electronics, Schaeffler India up 6% each

Stock Market LIVE Updates | Canara Bank to dilute 14.50% stake in Canara HSBC Life Insurance

The bank has received approval for initiating the process of diluting a 14.50% stake in its subsidiary Canara HSBC Life Insurance Company by listing it on stock exchanges through an initial public offer (IPO). This will be subject to the approval of the Reserve Bank of India and the Government of India.

Sensex Today | Time to be fully invested in the market: Harsha Upadhyaya, CIO-Equity, Kotak AMC

#1 Overall setup looks very positive for equities
#2 Time to be fully invested in the market
#3 Focused on domestic businesses; cyclicals & investment-driven sectors
#4 Overweight on auto & auto parts, industrials, cement
#5 Not overweight on financials at this point of time
#6 Tilted more towards largecap private banks among financials

Sensex Today | Windfall tax on crude slashed to Rs 5,200 per metric ton

Sensex Today | 1.02 million shares of HDFC Life Insurance Company traded in a bunch: Bloomberg

Brokerage Call | Macquarie keeps 'outperform' rating on Aurobindo Pharma, target raises to Rs 1,385

#1 Announced signing of a master service agreement with Merck Sharp & Dohme
#2 To set up 30 KL capacity for production of mammalian cell culture based biologics
#3 First of its kind biologics CMO contract from a large pharma
#4 Estimate potential upside of Rs 170 per share from the contract

Sensex Today | Power Grid, Adani Ports, among others hit 52-week high

Sensex Today | Dinesh Kumar Khara, SBI Chairman To CNBC-TV18

#1 Encouraging to see GDP numbers, can attribute to initiatives taken in last years
#2 India can attract global investments with continuity in progressive policies
#3 High economic activity expected in future
#4 Will support opportunities that meet our risk appetite
#5 Effort will be to see improvement in net interest margin of the bank
#6 S&P rating upgrade for India will help us to lower cost of funds

Stock Market LIVE Updates | India VIX trades 19% lower

Stock Market LIVE Updates | HPCL, BPCL up over 8% ahead of record date for bonus issue

#1HPCL has fixed June 21 as the record date for its bonus issue of shares, the record date for BPCL's bonus issue is June 22

Stock Market LIVE Updates | HDFC Life has 1.02 million shares traded in a bunch

Stock Market LIVE Updates | Market cap of BSE-listed companies hits a record high of Rs 424 lakh crore ($5.10 trillion)

Markets@11 | Sensex, Nifty up 2.5% each; all sectors in the green

The Sensex was up 1,997.67 points or 2.70 percent at 75,958.98, and the Nifty was up 609.20 points or 2.70 percent at 23,139.90. About 2319 shares advanced, 1064 shares declined, and 121 shares unchanged.

All the sectoral indices were trading in the green. BSE Midcap index up 3% and Smallcap index up 1.6%.

Stock Market LIVE Updates | MOIL increases prices of ferro grades of manganese ore

The manganese-ore mining company has increased prices of all ferro grades of manganese ore with manganese content of Mn-44% and above by 35%. It also hiked prices of all other ferro grades with manganese content below Mn-44% by 30%. Furthermore, it increased prices of all SGMR, fines, and chemical grades by 30%, effective from June 1.

Sensex Today | BSE Bank index up 3%; Bank of Baroda, SBI, Axis Bank top gainers

Stock Market LIVE Updates | Coal India shares gain 5% on better production

Coal production in May 2024 grew by 7.5% year-on-year to 64.4 million tonnes, and offtake increased by 7.2% year-on-year to 68.2 million tonnes.

Sensex Today | BSE Auto index rises 2%; M&M, Cummins, Ashok Leyland among top gainers

Sensex Today | IRIS Clothings opens its third Exclusive Brand Outlet (EBO) in Dhanbad, Jharkhand

Sensex Today | HSBC India May manufacturing PMI at 57.5 versus 58.8 in April

Sensex Today | Steel Strips Wheels achieves net turnover of Rs 342.04 cr in May 2024

Steel Strips Wheels achieved net turnover of Rs 342.04 crore in May 2024 versus Rs 357.27 crore in May 2023, recording a decline of 4.26% YOY and achieved Gross turnover of Rs 419.55 crore in May 2024 versus Rs 433.30 crore in May 2023 thereby recording a decline of 3.17% YOY.

Stock Market LIVE Updates | VST Tillers' Power tillers & Tractors sales down 34.1% in May 2024 to 2,474 units Vs 3,756 units

Stock Market LIVE Updates | Atul Auto total sales in May up 112% at 2,331 units Vs 1,101 units

Sensex Today | Sonal Varma of Nomura on CNBC-TV18

#1 Another set of upside surprise from GDP numbers
#2 Have raised our GDP growth estimate to 6.9% from 6.6%

Sensex Today | Shriram Finance raises USD 425 million & €40 million through a syndicated term loan transaction

Sensex Today | Nifty Realty index up 4%; Prestige Estate, Godrej Properties, DLF major contributors

Sensex Today | Market cap of Power Grid Corporation of India crosses Rs 3 lakh crore

Stock Market LIVE Updates | SML Isuzu shares gain 3% after May sales rise 21%

#1 Sales up 21.2% at 1,563 units Vs 1,290 units
#2 Passenger vehicles grow 19.3% to 1,245 units Vs 1,044 units

Sensex Today | BSE Oil & Gas index up neatly 6%; HPCL, Gail India, Adani Total Gas up 7-9%

Sensex Today | Zerodha Kite loading issues

#1 Investors not able to load charts, get TPINs, sell, etc
#2 Zerodha is asking people to try 'hard refresh' in Twitter replies, suggesting alternate solutions