FIRST TRADE: Sensex up over 500 pts, Nifty above 22,000 amid broad-based buying; Hindalco down over 4%

Stock market today: The Indian share market opened in positive territory after posting its worst day in over four years in the previous session, as a narrow win for Prime Minister Narendra Modi's alliance raised concerns about policy continuity. Last seen, both indices were up 0.77 per cent, Sensex was up 558.28 points at 72,637.33 and Nifty rose 167.6 points at 22,052.

"The market will take some time to absorb the unexpected election results. Stability will return to the market soon but volatility will continue till there is clarity on the cabinet and the key portfolios. A sharp rebound in the market is unlikely in the near term but sectoral preferences might change. Sectors like FMCG, healthcare and IT will find increasing preferences and the momentum plays will slowdown," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. V K Vijayakumar added one positive of the sharp market correction is that the excessive valuations have moderated a bit and this will facilitate institutional buying once clarity emerges on the  formation and composition of the cabinet. Investors can start nibbling at high quality largecaps in IT, financials, autos and capital goods.

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in firm red. High-beta Nifty Bank was flat with a positive bias at 46,931.6.

BUZZING STOCKS

Angel One shares were up over 2 per cent after the company released its business update.

GPT Infraprojects shares were up over 4 per cent after the company bagged order worth Rs 547 crore from RVNL.

Vodafone Idea shares were up over 1 per cent after Care increased rating.

Conversely, Hindalco shares were down over 4 per cent after Novelis postponed its IPO.

NLC India shares were down over 4 per cent after the company announced to consider raising funds in a meeting on June 10.

HUL shares were up over 4 per cent after Jefferies double upgraded to 'buy' from 'hold' and raised the target to Rs 2,950 from Rs 2,530.

HAL and Bharti Airtel shares traded lower after brokerages revised target on both. 

Catch all the updates of June 5 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.