Indian equity benchmark indices snapped the five-day losing streak and settled marginally higher on Friday ahead of the gross domestic product (GDP) data release later in the day.
The NSE Nifty added 42.05 points or 0.19 per cent to settle at 22,530.70
Indian equity benchmark indices snapped the five-day losing streak and settled marginally higher on Friday ahead of the gross domestic product (GDP) data release later in the day.
The BSE Sensex gained 75.51 points or 0.10 per cent to close at 73,961.31. The NSE Nifty added 42.05 points or 0.19 per cent to settle at 22,530.70.
"Exit polls results which indicate a clear victory for the NDA with around 360 seats completely removes the so-called election jitters which have been weighing on markets in May. This comes as a shot in the arm for the bulls who will trigger a big rally in the market on Monday. Largecaps in financials, capital goods, automobiles, and telecom are likely to lead the rally,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
BJP-led NDA is forecasted to win 370 seats, according to an average of all exit polls. NDA had won 353 seats in 2019.
As per data released on Friday, India’s Real GDP grew at 7.8 per cent YoY in the March quarter of FY24 and at 8.2 per cent in FY24.
“The bulls will be further emboldened by the better-than-expected 8.2 per cent growth in GDP numbers which came after market hours on Friday. Technically and fundamentally the market is poised for a rally,” he added.
Here are the key stocks to watch on June 3
Adani Ports: Wholly-owned subsidiary Adani International Ports Holdings Pte Ltd (AIPH) has signed a 30-year concession agreement with Tanzania Ports Authority to operate and manage Container Terminal 2 (CT) at the Dar es Salaam Port, Tanzania. In addition, East Africa Gateway (EAGL) has been incorporated as a joint venture of AIPH, AD Ports Group, and East Harbour Terminals (EHTL). Adani Ports will be the controlling shareholder.
Hindustan Unilever: The FMCG major is digitizing its manufacturing ecosystem to be future-ready, CEO & MD said in the latest annual report of the country’s largest consumer goods company for FY24. Two factories at Dapada in Dadra and Nagar Haveli and Sonipat in Haryana had implemented fourth industrial revolution solutions on the shop floor, earning them “End-to-End Lighthouse” factory at the Economic Forum.
Canara Bank: The bank approved the process to dilute a 14.5 per cent stake in Canara HSBC Life Insurance through its IPO. This is subject to approval from the RBI and the Department of Financial Services. The size and modalities of the issue will be determined in due course.
Coal India: The coal giant and its subsidiaries recorded 7.5 per cent YoY growth in coal production to 64.6 million tonnes in May 2024 in comparison to 59.9 million tonnes in May 2023. The company also produced 126.2 million tonnes of coal during the April-May period, up 7.4 per cent from 117.5 million tonnes during the same period the previous year.
Bharti Hexacom: After raising around Rs 4,300 crore from the proceeds of Bharti Hexacom’s public listing in April by selling a 15 per cent stake, state-owned Telecom Consultants of India (TCIL) is now looking to offload the remaining 15 per cent stake, after telecom tariff hikes. The market is expecting nearly 20-25 per cent tariff hikes by telecom services providers after the elections, which may boost the stock price of Bharti Hexacom.