Stock Market Highlights | Sensex, Nifty 50 recoup election result day losses, post best week of 2024

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Market Records Biggest Weekly Gain Of 2024 Amid Volatility

Midcap Index Surges 13% From This Week’s Low To Gain 3%

Except PSU & PSU Bank, All Sectoral Indices Register Gain

Nifty IT Records Biggest Weekly Gain In 4 Yrs, Up Almost 9%

41 Nifty Stocks Give +ve Returns, 4 Stocks Up More Than 10%

M&M, Tech Mahindra, HUL, Wipro, Infosys Are Top Nifty Gainers

Granules, Persistent, OFSS, USL, Dabur Top Midcap Gainers

“The anticipation of stability within the coalition government at the centre, coupled with the RBI’s upward revision of its growth forecast for FY25 to 7.2%, fuelled a broad-based rally in the domestic market. The Indian market surpassed its previous record high set on exit-poll day and reached a fresh peak. Though the last mile towards the inflation target remains sticky, investors are expecting the MPC to be one step closer to the easing cycle,” says Vinod Nair, Head of Research, Geojit Financial Services.

In a week where the Sensex and Nifty saw their biggest single-day drop in four years, the markets are back at new highs. The ₹30 lakh crore market cap erosion on Tuesday, has been recovered in entirety in just the last three trading sessions.

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Market Ends The Week On A Strong Note Amid Volatility

Sensex Rises 1,619 Points To 76,693 & Nifty 469 Points To 23,290

Midcap Index Gains 781 Points To 53,195 & Nifty Bank 511 Points To 49,803

IT Sees Strong Buying, 3 Of Top 5 Nifty Gainers Are IT Stocks

M&M Ends The Session As Top Nifty Gainer, Up 7% From Lows

Wipro Surges 5% As Company Announces $500 Million Order Win

Bajaj Finserv & Bajaj Fin Gain 3-4% Tracking Hsg Fin Arm’s IPO Details

Buying Returns In Telecom Names, Bharti & Voda Idea Up 4-7%

Reliance Gains Nearly 3% And Lifts Nifty By 60 Points

Cement & Hsg Fin Stocks Gain On Expectation Of Givt’s Focus On Hsg

Ramco Cem, L&T Fin, JK Cement Are Amongst Top Midcap Gainers

Market Breadth Favours Advances, Adv-Decline Ratio At 5:1

Mkt Cap Of BSE-listed Cos Near Record High, Up `8 Lk Cr On Friday

Motilal Oswal expects Bharat Electronics to remain a key beneficiary of continued government spending on defence. Even after Tuesday’s drop, Bharat Electronics shares have rallied 50% so far this year.

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Here are a couple of stock recommendations by Hemen Kapadia, KRChoksey Securities

Buy Syngene with at a target of Rs 720 with a stop loss of Rs 675
Buy JK Cement at a target of ₹4,300 with a stop loss of ₹4,075

The Nifty IT index is the top gainer among sectoral indices, up 3.2%

All 10 indices in the index are trading with gains.

Here are a couple more stock recommendations by Mitessh Thakkar of earningwaves.com:

Buy Wipro with a stop loss of ₹471 and a target of ₹497
Buy Mphasis with a stop loss of ₹2,490 and a target of ₹2,610

Non-banking finance company (NBFC) Bajaj Finance will sell shares worth ₹3,000 crore of its housing finance subsidiary, Bajaj Housing Finance in its upcoming initial public offering (IPO).

“This will be subject to market conditions, receipt of applicable approvals including that of the Securities and Exchange Board of India (SEBI), the BSE Limited, the National Stock Exchange of India Limited and any other regulatory authority,” the company said in a regulatory filing on Friday, June 7.

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In a stock exchange filing, the company said it has signed a contract to buy a medium range product tanker of about 49,990 deadweight tonnage (dwt). The tanker was built in 2013.

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Dan Niles, Founder and Portfolio Manager at Niles Investment Management, believes US stocks are currently priced to perfection but there are concerns with respect to earnings.

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Here are a couple of stock recommendaitons by technical analyst Mitessh Thakkar:

• Buy Sun TV with a stop loss of ₹709 and a target of ₹755
• Buy SBI Cards with a stop loss of ₹709 and a target of ₹745

Shares of Avanti Feeds Ltd. gained as much as 15% on Friday to trade at a 52-week high of ₹647.15. The stock has gained for the third day in a row, during which it has gained nearly 30%. With this surge, the market capitalisation of Avanti Feeds is also nearing ₹9,000 crore.

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Great Eastern Shipping shares gained more than 3% to trade at an intra-day high of ₹1102.7 apiece on the BSE on Friday, June 7, after the company announced it was purchasing a medium range product tanker

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Shares of Rail Vikas Nigam Ltd. (RVNL) gained up to 3% in Friday’s trading session after the state-run company announced that it has won a ₹495 crore order from National Thermal Power Corporation (NTPC).

The multibagger railway public sector undertaking (PSU) stock rose 3.15% to hit a day’s high of ₹382 as against its previous closing of ₹370.3 on the NSE.

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Shares of Indian Renewable Energy Development Agency Limited (IREDA) gained over 3.30% on June 6 but the stock is still ₹37 short of its 52-week high ₹214.80.

IREDA, a multi-bagger stock, has nearly trebled in the last one year.

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The Nifty Midcap is 0.89% higher at the moemnt. As many as 79 out of the 100 stocks in the index are in the green.

Shares of Dixon Technologies hit a record high on Friday, crossing the mark of ₹10,000 for the first time. The stock has now gained in four out of the five trading sessions this week. With Friday’s surge, the Dixon’s market capitalisation is now nearing the mark of ₹60,000 crore.

On Thursday, the company entered into a term sheet with HKC Corp Ltd. to form a Joint Venture for manufacturing and sale of products.

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Barring SBI Life, Bajaj Auto, Tata Consumer and Coal India, the remaining 46 stocks in the index are trading with gains, contributing towards Nifty 50’s upside.

Brigade Ent, Purvankara up nearly 6% and 5% respectively