Benchmark equity indices rallied over 3 per cent to settle at lifetime highs on Monday after heavy buying across segments as exit polls predicted a sweeping victory for the BJP-led NDA in the Lok Sabha elections.
The NSE Nifty climbed 733.20 points or 3.25 per cent to settle at 23,263.90
Benchmark equity indices rallied over 3 per cent to settle at lifetime highs on Monday after heavy buying across segments as exit polls predicted a sweeping victory for the BJP-led NDA in the Lok Sabha elections.
The BSE Sensex surged 2,507.47 points or 3.39 per cent to settle at a new closing high of 76,468.78. The NSE Nifty climbed 733.20 points or 3.25 per cent to settle at 23,263.90.
A sharp jump in blue-chip stocks Reliance Industries, ICICI Bank, HDFC Bank, and State Bank of India moved the indices to hit fresh all-time highs. Strong GDP data also boosted the investor sentiment. Among sectors, PSUs, Power, Utilities, Oil, Energy, Capital Goods, and Realty indices gained up to 8 per cent.
"Exit poll has activated the optimism of a memorable win for the ongoing government, PSUs had a humongous rally, in anticipation of the continuation of the reform gains, triggering further re-rate. The sustenance of the broad rally is anticipated to continue in line with the magnitude of the actual tally, as inflows pour in which were sitting on the sidelines in the last 3 months. Strong economic data like GDP growth of 8.2 per cent in FY24, 100 days measures list, and the final budget will be the key points the market will observe in the coming weeks,” said Vinod Nair, Head of Research, Geojit Financial Services.
Here are the key stocks to watch on June 4:
Infosys: The IT giant hired a mere 11,900 campus recruits in FY24, a 76 per cent decline compared to the 50,000 freshers it hired in previous year. “We recruited nearly 11,900 college graduates in the year and ended the year with over 317,000 employees,” CEO Salil Parekh wrote in the company’s annual report. The company has already skipped campus placements for four consecutive quarter.
Biocon: The biotechnology company has received approval from the US Food and Drug Administration (FDA) for its vertically integrated, complex injectable product micafungin, available in 50mg and 100mg vials. Micafungin is an antifungal medication used in the treatment of various fungal and yeast infections.
Kalyan Jewellers: The company will acquire the remaining 15 per cent stake in its e-commerce subsidiary, Enovate Lifestyles, for Rs 42 crore. The subsidiary operates under the Candere brand. The deal is expected to be completed in three tranches and will make Candere a wholly owned unit.
MOIL: The state-run company reported a 7 per cent increase in manganese ore production to 3.05 lakh tonne (LT) during April-May 2024. It had produced 2.84 LT manganese ore during the year-ago period. The cumulative sale stood at 3.3 LT, up 32 per cent over 2.5 LT in the year-ago period.
Jaiprakash Associates: The National Company Law Tribunal (NCLT) on Monday accepted the insolvency plea filed by ICICI Bank and State Bank of India (SBI) against Jaiprakash Associates. ICICI Bank initiated the insolvency proceedings in 2018, and SBI joined the process in 2022 to expedite the resolution.