Benchmark equity indices rebounded from their worst single-day fall in more than four years amid heavy buying by investors after NDA alliance partners started talks on government formation.
The BSE Sensex jumped 2,303.19 points or 3.20 per cent to settle at 74,382.24. The NSE Nifty climbed 735.85 points or 3.36 per cent to 22,620.35. All sectors ended in green with FMCG, Auto, Private banks, and Metals up 4-5 per cent. Expectation of a healthy monsoon is driving buying interest in FMCG and Auto stocks.
“Going ahead the narrative around government formation and RBI monetary policy would take centre stage in the near term. Despite the reduced seats, we expect the government focus to continue on Investment-led growth, Capex, Infrastructure creation, Manufacturing, etc in the long term. In the very near term, we expect the market to remain obsessed with government formation exercise, with a keen eye on key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways. With election overhang done, we expect the focus to revert to fundamental,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on June 6:
RVNL: The state-owned company has received multiple orders worth more than Rs 500 crore. It received a letter of acceptance from Eastern Railway for the construction of the Sitarampur bypass line under the Asansol Division. The project is valued at Rs 390.97 crore, according to a stock exchange filing.
Torrent Pharma: The pharma major has entered a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan in India. It is a novel potassium-competitive acid blocker (P-CAB), used for the treatment of acid-related disorders gastroesophageal reflux disease. Torrent will market Vonoprazan under its own trademark, Kabvie, the drug maker said in a statement.
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BHEL: The state-owned company has received an order worth over Rs 3,500 crore from Adani Power Limited to set up a 2x800 MW thermal power project based on Supercritical Technology at Raipur in Chhattisgarh. BHEL will be responsible for the supply of equipment (boiler, turbine, generator) and supervision of erection and commissioning of the project.
KPI Green Engineering: The company secured orders worth Rs 351.35 crore for various projects, including solar project installations, railway track fencing, and electricity transmission line towers. In addition, the company received orders worth Rs 212.38 crore for solar projects involving the supply of module mounting structures.
Hindustan Aeronautics: ISRO Chairman S Somanath inaugurated state-of-the-art propellant tank production and computer numerical control (CNC) machining facilities at HAL's Aerospace Division. The company said the facilities would provide a major boost to ISRO’s ability to meet its growing production needs, particularly for the Launch Vehicle Mark–3, India's heaviest and most powerful rocket.
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