Stock Market Highlights | BSE listed companies added ₹14 lakh crore in market cap today

“I feel that markets with maybe a thousand point further rally will find the primary market competing very heavily with the secondary market. Despite the fact that A, we have a very sustained 18,000-20,000 crore kind of SIP inflows a month, we have hugely increasing non-institutional participation directly in the markets and FIIs still a joker in the pack whose money is still not coming, finding India costly I still feel that after a point, markets will consolidate in a range and it will be pick and choose across, amongst financials and manufacturing being the two key themes.”

“With the economy picking up the way it does, SBI with the strength of its balance sheet, network, and technology is going to be a major beneficiary of any upswing in economic and industrial activity and capex cycle.

Investors still looking for good quality stocks at reasonable valuations – SBI comes to mind which is why the stock can rally even higher from these levels and maybe at corrections one could look at going more towards the PSU banks at the expense of some of the larger private sector banks.”

Frontline Indices Hit Record Highs, Surge 3% Or More
All Sectoral Indices Surge While Volatility Index Falls Up To 20%
Market Sees Broad-based Gains With PSUs & Adani Grp Being Top Gainers
Big Market Surge Help BSE-listed Cos Gain Mkt Cap Of `14 Lakh Crore
Market Cap Of BSE-listed Cos At A Record High Of `14.25 Lk Cr ($5.13 Trillion)
Sensex Surges 2,507 Points To 76,469 & Nifty 733 Points To 23,264
Nifty Bank Rises 1,996 Points To 50,980 & Midcap Index 1,648 Points To 53,353
4 Of 5 Top Nifty Gainers As PSUs (Power Grid, NTPC, SBI & ONGC)
Auto Stocks Close Largely Higher On Mixed Sales, Bajaj Auto Top Gainer
PSU Banks See A Big Move, SBI, BoB, Canara Bank At Record Highs
Oil & Gas Stocks Rise On An Expectation Of Sector To Brought Into GST Ambit
Power Financiers See A Big Move As Well, PFC & REC Up 12% Each
CONCOR Is Amongst Top PSU Gainers, Closes With A Gain Of 10%
Ipca Extends Friday’s Losses, Slips 2% In A Strong Session
Market Breadth Favours Advances, Advance-Decline Ratio At 2:1.

Market veteran Madhu Kela has this advice for investors

Kela believes there is a significant opportunity for wealth creation for the next 5-10 years@_prashantnair @SurabhiUpadhyay https://t.co/WxwSfwIBhC

— CNBC-TV18 (@CNBCTV18Live) June 3, 2024

#NewsFlash | Life insurers to submit feedback on higher special surrender value today, sources to @YashJain88 pic.twitter.com/ymA0p2LZsc

— CNBC-TV18 (@CNBCTV18Live) June 3, 2024

BSE-listed companies add market cap of nearly Rs 14 lakh crore today

Shares of Navin Fluorine International Ltd. gained over 4% intraday on June 3 after the chemical company named Nitin G Kulkarni as the Managing Director of the company. Kulkarni has been appointed as MD for a tenure of five years, with effect from June 24, 2024.

Kulkarni was the Executive Director at OC Specialty for over a decade.

Read more here

Shares of Reliance Industries Ltd. hit a record high of ₹3,025 in Monday’s trading session, surpassing its previous record high of ₹3,024.9, which it hit on March 4 this year.

Reliance Industries shares are trading with gains of over 5% on Monday and are the top contributors to the gains seen on the Nifty 50. Currently, shares of Reliance are contributing 119 points to the 700-plus points gain seen on the index.

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Shares of Rail Vikas Nigam Ltd. (RVNL) crossed the ₹400 mark for the first time on Monday (June 3), marking a new record of ₹425. Monday’s surge also took the company’s market capitalisation near the ₹85,000 crore mark.

The multibagger rail PSU stock has been one of the outperformers among railway companies over the last 12 months, during which the stock has gained over 250%.

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The Nifty PSU Bank index continues to be the top gainer among sectoral indices, up 8.22%.

All 12 stocks in the index are trading with gains.

Kulkarni was the executive director at OC specialty for over a decade.

Reliance Industries shares are up 5%.

The stock has gained 24.2% in the past six months.

The initial public offering (IPO) of specialty fine chemicals maker Kronox Lab Sciences kicked off for public subscription on Monday, June 3. The three-day bidding will conclude on June 5. The company aims to raise about ₹130 crore through the IPO.

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Adani Enterprises is the top Nifty Metal gainer. The stock has gained 44.03% in the last six months.

Shares of Shriram Finance Ltd., the flagship company of Shriram Group, rallied up to 7% on Monday after the company secured multi-currency social loan worth $425 million and €40 million through a syndicated term loan transaction.

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Central Bank shares are up 11.99%, making it the top Nifty smallcap gainer.

The stock has gained 49.6% in the past six months, and 162.3% in the past year.

The Nifty Realty index is trading 4.8% higher today.

All 10 stocks in the index are in the green.

Here are a few stock recommendations by Jay Thakkar, ICICI Securities:

Buy UltraTech Cement for a target price of ₹11,000 with a stop loss of ₹10,100
Buy Reliance Industries for a target price of ₹3,200 with a stop loss of ₹2,850
Buy Indusind Bank for a target price of ₹1,575-1,625 with a stop loss of ₹1,490

IDBI Bank shares are trading nearly 6.6% higher today.

The stock is also the top Nifty Midcap gainer.

It has gained 66.37% in the past year

CNBC Awaaz has learnt via sources that the new government is likely to focus on disinvestment in it first 100 days in office. IDBI Bank and Shipping Corporation of India are topping the list this time around. Read here

“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.”

Adani Ports shares are in the green today, up nearly 11%.

The stock is also the top Nifty 50 gainer.

The stock has gained 81.52% in the last six months and 115.79% in the past year.

State Bank of India Ltd., India’s largest lender, crossed ₹8 lakh crore in market capitalisation on Monday, having touched a new record high of ₹898 during the session. The stock had first hit the ₹7 lakh crore mark on March 7 this year. Since the start of the year, the stock has added over ₹3 lakh crore in market capitalisation.

SBI shares are also trading at a record high, having gained 40% so far in 2024. On the charts, SBI’s relative strength index (RSI) is at 74, indicating that the stock is in “overbought” territory. An RSI reading above 70 suggests so.

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Shares of HDFC Asset Management Company Ltd. have gained 12% in the last three trading sessions. The stock is up another 7% on Monday (June 3), making an intraday high of ₹4186.95

With today’s gain, HDFC AMC shares have extended its 2024 gains to nearly 30%.

Read more here