Stock Market Highlights: Nifty Surges Above 23,250, Sensex Nears 76,500 on Exit Poll Clues

Stock Market Highlights: Nifty Surges Above 23,250, Sensex Nears 76,500 on Exit Poll Clues

Stock Market Highlights: Nifty Surges Above 23,250, Sensex Nears 76,500 on Exit Poll Clues
The Hindu Business

Share Market News Today | Sensex, Nifty, Share Prices Highlights

03.06.2024: The stock market reached record highs on Monday, driven by optimistic exit poll results. The NSE Nifty 50 gained 733.20 points or 3.25% to close at 23,263.90, while the BSE Sensex surged 2507.47 points or 3.39% to end at 76,468.78. The broader indices also closed in positive territory, with significant gains in large-cap and mid-cap stocks. The Bank Nifty index climbed 1996 points or 4.07%, finishing at 50,979.95. PSU banks and energy stocks outperformed, while realty and financial services stocks also saw substantial gains.

Key Market Highlights:

Market Close:

  • NSE Nifty 50: Closed 3.45% higher at 23,307.35.
  • BSE Sensex: Closed 3.55% higher at 76,586.50.

Bank Nifty Hits 51,000 Mark:

  • The Bank Nifty Index reached an all-time high of 51,106.15, led by Bank of Baroda, State Bank of India, Punjab National Bank, Axis Bank, IndusInd Bank, and ICICI Bank.

Crude Oil Update:

  • Analyst Insight: Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas, remains bullish on crude oil demand and price outlook for the medium to long term. He cited the OPEC+ extension of its production cut policy till 2025 and voluntary cuts of 2.2 mbpd until September 2024 as key factors.
  • Market Expectations: Crude oil prices have strong support at $75, with potential to trade above $80 during the summer driving and hurricane seasons.

Stock Movements:

  • Rail Vikas Nigam Ltd. (RVNL): Shares surged over 11%, crossing the Rs 400 mark for the first time and reaching a record high of Rs 425.
  • Power Grid Corporation of India Ltd.: Shares jumped 9.9%, hitting a new record high of Rs 340.7.
  • IRB Infrastructure Developers (IRB Infra): Experienced a significant rise, opening 10% higher and reaching a day’s high of Rs 74.60.
  • State Bank of India (SBI): Surpassed a market capitalization of Rs 8 lakh crore, reaching a record high of Rs 912 during the session.
  • Shriram Finance: Shares rose up to 7% following the company’s successful securing of a multi-currency social loan valued at $425 million and €40 million.

Analyst Views:

  • IIFL Securities on Exit Polls: Anticipates accelerated reforms in key areas like electricity and agriculture. Positive outlook on infrastructure, cement, private banks, NBFCs, and select industrials; negative on IT and chemicals.
  • Motilal Oswal on Exit Polls: Predicts a victory for PM Modi and BJP will benefit the economy and capital markets. Recommends overweight positions in financials, consumption, industrials, real estate, and PSU banks.

Top Stock Picks:

  • Large Caps: ICICI Bank, SBI, L&T, Coal India, M&M, Adani Ports, ABB, HPCL, Hindalco.
  • Mid Caps: Indian Hotels, Godrej Properties, Global Health, KEI Industries, PNB Housing, Cello World, Kirloskar Oil.

Stay tuned for more updates as the market continues to react to the exit poll results and other economic developments.

 Source – Financial Express