FIRST TRADE: Indices scale new record highs; Sensex surpasses 76,500, Nifty breaches 23,300 ahead of Lok Sabha election results

Stock market today: Indian share market was at all time high on Monday, June 3, after the announcement of exit polls and ahead of Lok Sabha elections results which are slated to come on Tuesday, June 4. Nifty surpassed the 23,300 level for the first time, and Sensex crossed the 76,500 mark. Last seen, Sensex was up 2,040.65  points or 2.76 per cent at 76,001.96 and Nifty rose 624.3 points or 2.77 per cent at 23,155. 

"Fundamentals, technicals and sentiments turning favourable at the same time are rare in the market.  This is what has happened now. The market went into the big event, elections, very light with Nifty correcting around 600 points from the May highs. Profit booking also happened on a large scale. The short position in the market also is high. All these are going to change dramatically. DIIs, HNIs, retail ...are all going to turn buyers. Short-covering can add to the momentum," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. V K Vijayakumar added the rally is likely to be led by largecaps. Stocks like RIL, ICICI Bank, HDFC Bank, Kotak Bank, Axis Bank, Bajaj Finance, Bharti Airtel, L & T, M&M, Tata Motors, Bajaj Auto, Eicher Motors are fundamentally strong largecaps with potential to lead the rally. IT stocks like TCS, Infy, HCL Tech, Coforge, Persistent and L&T Tech offer contrarian buying opportunities.

The GDP numbers which came on Friday were better than expected with 8.2% growth. This will provide fundamental support to the market. S&P’s upward revision of India’s rating outlook also is positive.

BUZZING STOCKS

IRB Infrastructure Developers shares were up over 9 per cent after toll price increased to 5 per cent from today.

REC shares were up nearly 7 per cent after the company announced to raise up to Rs 1.45 lakh crore via bonds in one or more tranches. 

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.

Canara Bank shares were up over 4 per cent after the bank diluted a 14.5 per cent stake in its subsidiary via IPO.

Ashoka Buildcon shares were up over 6 per cent after it was declared as the L1 bidder for two EPC contracts worth Rs 2,153 crore.

Catch all the updates of June 3 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

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