FIRST TRADE: Indices in red; Sensex down over 1,300 pts, Nifty below 23,000 amid ongoing Lok Sabha elections vote count

Stock market today: Domestic blue-chip indices on Tuesday (June 4) began in red amid ongoing Lok Sabha elections vote counting. Market experts expect volatility throughout the session. Last seen, Sensex was down 1,422.98 points or 1.86 per cent at 75,045.8 and Nifty slipped 336 points or 1.44 per cent at 22,927.9. 

"With the 733 point rally in the Nifty yesterday the market has already discounted a clear win for the NDA and majority on its own for BJP. Only a dramatic change from this expected outcome will cause a major change in the market," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. Vijayakumar added investors need not rush in to buy today even if the results confirm the exit polls. Remain invested in large caps and do some profit booking in small caps.

Further, he believes a significant trend yesterday was the large caps outperforming small caps. This is primarily the consequence of FIIs turning buyers. If the FIIs continue to buy, this large cap outperformance will continue. RIL, L&T, HDFC, ICICI and M&M are on strong wickets."

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in firm red. High-beta Nifty Bank was down 1.83 per cent at 50,048.75.

BUZZING STOCKS

M&M Finance shares were down over 1 per cent despite its overall disbursement increase by 7 per cent in May.

MOIL shares were down over 2 per cent despite the company registering record sales in May’24.

MOIL shares were up nearly 5 per cent after the company hiked prices of all Ferro grades of manganese ore with Manganese content of Mn-44 per cent.

Bajaj Finance shares were up over 2 per cent after the company announced a board meeting on June 7 to discuss the IPO of its subsidiary Bajaj Housing Finance.

Biocon shares were up over 2 per cent after USFDA approved Micafungin antifungal drug.

RVNL shares were down over 6 per cent despite the company receiving orders worth Rs 440 crore from South Central Railway.

Sansera Engineering shares were down over 2 per cent after its associate company MMRFIC Technology entered semiconductor packaging, assembly, and test.

KFin Technologies shares were down over 4 per cent after Abrdn Asia bought 33.59 lakh shares in the company. 

Conversely, Sapphire Foods shares were up over 3 per cent after the company to consider a share split on June 19.

Catch all the updates of June 4 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

Catch all the latest updates on the counting of votes for Lok Sabha, state Assembly and bye elections here.