FINAL TRADE: Sensex ends 240 pts higher, Nifty settles at 18,594; M&M hits all time high

Closing Bell, June 5: The domestic equity market ended Monday's session (June 5) with decent gains. At close, the S&P BSE Sensex stood at 62,787.47, up 240 points, or 0.38 per cent while the NSE's Nifty ended at 18,593.85, up 60 points, or 0.32 per cent.

"Optimism in global equities aided the local market sentiment. Besides, the end to the US debt ceiling uncertainty and expectations of a rate hike pause by the US Fed provided some fodder to the struggling markets. Banking, financial, and other rate-sensitive stocks may witness sharp movements ahead of the RBI’s credit policy later this week. Technically, on daily charts, the Nifty has formed a small bearish candle, which indicates indecisiveness between the bulls and bears. As long as the index is trading above 18,550, the positive sentiment is likely to continue. Above the same, the index could rally to 18,650–18,700. On the flip side, below 18,550, the selling pressure is likely to accelerate. Below which, the index could slip till 18,500–18,450," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 closed higher by 0.14 per cent and 0.36 per cent, respectively. On the sectoral front, Nifty Bank gained 164 points and ended at 44,102. While the financials supported the benchmark index, IT dragged Nifty. Among the stocks that buzzed the most were BEL, BHEL, and HAL rose 2 to 4 per cent. Auto stocks also extended a gaining streak with Maruti Suzuki, Tata Motors, and Mahindra, and Mahindra (M&M) rising 1 to 4 per cent.

Mahindra & Mahindra shares hit a fresh 52-week high of Rs 1,401.35 a piece on the BSE during the session. The stock ended at Rs 1,394.80, up 4 per cent.

Reliance Industries, Axis Bank, and ICICI Bank also extended support to Nifty, while ITC, TCS, and HUL weighed on indices. Other stocks that were in action include Tata Chemicals, which ended 2 per cent higher. Conversely, Info Edge slipped 3 per cent. 

Global Market 

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the green. The US markets ended significantly higher on Friday. US President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.