Stock Market Highlights | Nifty 50 reclaims 22,600 as market recovers half of election result day’s losses

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“Indian market exhibited a spirited recovery driven by broad based buying across various sectors, as political stability appears assured. However, attention will remain on the formation of the government and the forthcoming RBI policy meeting. The market does not expect any change in RBI’s policy stance given persistent high food inflation, and an expectation of an increase in government spending, which has led to a notable traction in FMCG stocks,” says Vinod Nair, Head of Research, Geojit Financial Services.

Market Sees Broad-based Gains With Indices Rising In The Range Of 2-6%

Midcap Index Records Biggest-ever Intra-day Recovery In Absolute Points

BSE Cos Gain `13 Lk Cr Mkt Cap Today, Total Mkt Cap Back Above `400 Lk Cr

All Sectoral Indices Close Higher While Volatility Index Falls Up To 30%

All 50 Nifty Stocks Close In The Green, RIL & Fin Heavyweights Top Contributors

Sensex Rises 2,303 Points To 74,382 & Nifty 736 Points To 22,620

Nifty Bank Gains 2,126 Points To 49,055 & Midcap Index 2,116 Points To 51,267

Consumption Stocks (Auto, FMCG) See Buying, Both Indices Up 4% Each

Adani Group Stocks Surge From Intra-day Lows, 8 Of 10 Stocks End Higher

PSUs See Sharp Recovery From Intra-day Lows, NALCO, SAIL Top Gainers

Vodafone Idea Is Amongst Top Midcap Gainers, Back Above Key Lvls

AB Fashion Surges 15% As Buying Increases Consumption Names

Fertiliser Stocks Gain On Expectation Of Govt’s Focus On Agri, Chambal Up 11%

Market Breadth Favours Advances, Advance-Decline Ratio At 3:1

#FromBloomberg | Dutch Govt will pay as much as €3 bn to clean up #TataSteel’s plant pic.twitter.com/N73CQ6m8yK

— CNBC-TV18 (@CNBCTV18Live) June 5, 2024

Market recovers half of Tuesday’s losses, Nifty reclaims 22,500

All sectoral indices higher while Volatility index falls up to 80%

Angel One Ltd shares jumped 7% on Wednesday, June 5, to an intraday high of ₹2,406.75 per piece on the BSE after the stock broking firm reported its business updates for May 2024.

The brokerage firm witnessed a 63.3% growth in its client base for the May 2024 at 23.83 million compared to 14.59 million in the same month a year ago. On a month-on-month basis too, the client base grew by almost 4% from 22.99 million reported in April 2024.

Read more here

The Nifty Metal index is the top gainer among sectoral indices, up 4.53%.

All 15 stocks in the index are in the green

Bandhan Bank, IndusInd Bank gain over 6% each

Shares of Vodafone Idea Ltd. (VIL) are trading with gains of up to 12% on Wednesday, June 5. Despite this gain, the stock has declined as much as 15% so far this year.

The telecom stock had declined 17% in Tuesday’s session. VIL shares are up 14% in the last one month while the stock has doubled its value over the last 12 months.

Read more here

#VerdictOnCNBCTV18 | Expect policy continuity, especially w.r.t infra spend & domestic manufacturing. NDA’s slim margin of victory may delay far-reaching eco & fiscal reforms, Moody’s on election#ElectionResults #LokSabhaResults #BJP #cnbctv18digital #VerdictOnCNBCTV18 pic.twitter.com/KJlDRVw7w0

— CNBC-TV18 (@CNBCTV18Live) June 5, 2024

India will remain an appealing destination for investors, even in the wake of the Bharatiya Janata Party (BJP) securing fewer seats than anticipated in the 2024 Lok Sabha election, says Robert Sockin, Global Economist at Citi.

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Shares of Hero MotoCorp Ltd., the two-wheeler manufacturer surged as much as 8.7% on Wednesday to a record high of ₹5,775. With this, the stock has extended its gains for 2024 to 38%, making it the third best-performing stock on the Nifty 50 index, after Mahindra & Mahindra (up 58%) and Bajaj Auto (up 40%).

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The Nifty fast-moving consumer goods (FMCG) index is trading with gains of more than 6% on Wednesday (June 5), extended its winning run for the second straight day.

The index also hit a record high level of 58,832.65 today and is just 1,100 points away from the 60,000-mark. The FMCG index has now gained nearly 15% in the last one year.

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Garden Reach Shipbuilders on Wednesday, June 5, said it has entered a contract with the Bangladesh Inland Water Transport Authority to procure a trailing suction hopper dredger, with hopper capacity 1000 m3, with its spare parts.

The total value of the contract is $16.6 million.

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Shares of GPT Infraprojects gained nearly 5% in morning trade on Wednesday, June 5, after the company said it is securing an order worth ₹547 crore from the Rail Vikas Nigam Limited (RVNL).

GPT Infraprojects, in a stock exchange filing on June 4, said it construct viaduct portion of the elevated corridor, rail over bridge and exit/entry ramps, small vehicular underpass, light vehicular underpass and pedestrian underpass in connection with construction of Six Lane Elevated Kona Expressway from in West Bengal.

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The Nifty PSU Bank index is the only loser among sectoral indices, trading 0.5% lower.

Six out of the 12 stocks in the index are trading with losses.

Here are a few stock recommendations by Sudarshan Sukhani, Technical Trends:

Buy Infosys with a stop loss of ₹1,350
Buy Maruti Suzuki with a stop loss of ₹11,600
Buy Cholamandalam Investment and Finance with a stop loss of ₹1,160
Buy Ashok Leyland with a stop loss of ₹190

India May Composite PMI at 60.5 vs 61.5 in April

Shares of Hindustan Unilever Ltd. (HUL) were trading with gains of as much as 7% on Wednesday, June 5. HUL stock witnessed its biggest single-day gain since April 2020 after foreign brokerage firm Jefferies upgraded it, citing a surprise outcome in the Lok Sabha 2024 election.

Read more here

#CNBCTV18Market | 🟢#Pharma and #Healthcare #stocks higher#GlenmarkPharma , #AurobindoPharma, #ZydusLife rise up to 4% ⚡️ pic.twitter.com/k7dtaDnYYE

— CNBC-TV18 (@CNBCTV18Live) June 5, 2024