Share Market HIGHLIGHTS: Sensex rallies over 2,300 pts, Nifty reclaims 22,600 in some respite for investors after election day riot
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty50 and Sensex bounced back more than three per cent each on Wednesday amid a broad-based rally on Dalal Street in some respite for investors following neck-deep losses the previous day amid incoming election data. The Sensex gained 2,303.2 points to end at 74,382.2 while the Nifty50 settled at 22,620.4, up 735.9 points from its previous close.
Catch highlights of the June 5 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty50 and Sensex bounced back more than three per cent each on Wednesday amid a broad-based rally on Dalal Street in some respite for investors following neck-deep losses the previous day amid incoming election data. The Sensex gained 2,303.2 points to end at 74,382.2 while the Nifty50 settled at 22,620.4, up 735.9 points from its previous close.
Catch highlights of the June 5 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
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Forex Market Update: Rupee strengthens by 14 paise to settle at 83.37 vs dollar
Share Market Today: Sensex ends 2,303 pts higher, Nifty reclaims 22,600 amid broad-based rally; Nifty Bank bounces back to 49,055
- Sensex up 2,303.2 pts, or 3.2 per cent, at 74,382.2
- Nifty50 climbs to 22,620.4, up 735.9 points, or 3.4 per cent
- Nifty Bank up 2,126 pts, or 4.5 per cent, at 49,054.6
- Nifty Midcap 100 up 4.3 per cent
- Nifty Smallcap 100 up 3.8 per cent
- Volatility index down 29.4 per cent 18.9
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Vikas Sethi of Sethi Finmart Pvt Ltd suggests buying shares of Zaggle Prepaid for a targets of Rs 280 with a stop loss of Rs 250.
Share Market Today LIVE | 'Buy' AU Small Finance Bank, says Sandeep Waghle
Sandeep Waghle of Power My Wealth suggests buying shares of AU Small Finance Bank for a targets of Rs 665/670.
Share Market Today LIVE | 'Hold' Godrej Properties, says Mehul Kothari of AnandRathi
Mehul Kothari of AnandRathi suggests to 'hold' hares of Godrej Properties as it can see a level of Rs 2,800 apiece.
Share Market Today LIVE | Broader market indices trade in firm green
Nifty Smallcap 100 and Nifty Midcap 100 are up over 3 per cent each.
Share Market Today LIVE | SBI, ICICI Bank among top 9 large cap picks by Axis Securities
Domestic benchmark indices on June 4, started on a positive note and currently are trading in firm green. Amid such market conditions, Axis Securities is bullish on a few large cap stocks from across sectors. From ICICI Bank to TVS Motor Company, Axis Securities has given picked nine stocks from the large cap space. Read more
Share Market Today LIVE | Market outlook post the Election results by Rupen Rajguru of Julius Baer India
"Over the next few days, there could be a lot of action around NDA staking the claim to form the government, and thereafter a lot of noise could be around key portfolio/ministry allocation which will keep the equity markets volatile," says Rupen Rajguru, Head Equity Investments and Strategy, Julius Baer India.
He adds with the coalition government and possible shifts in equations in the political alliances, the government will be on some sort of a backfoot in terms of bold policy measures (Land/Labour /Judicial reforms, Uniform Civil Code, etc.).
Further, Rajguru believes in the near term defensives (FMCG, IT and Healthcare) will outperform capex oriented sectors. Additionally, some of the sectors with strong narratives - PSUs, Defense, Railways will take a breather and can potentially see some de-rating from the current near all-time high valuations. Over the medium to longer term, the structural story remains intact: (EARNINGS + CAPEX + CREDIT GROWTH) and we continue to believe that India has entered a phase wherein for the next few years: Earnings growth > Nominal GDP. Hence, we continue to remain constructive on the long term potential of the Indian market and maintain our overweight stance on Financials, Autos, Real Estate, and select Industrials/Manufacturing companies.
Share Market Today LIVE | Nifty FMCG zooms to all-time high by climbing 7%; here’s what technicals look like
Nifty FMCG stocks extended their previous day’s gains and zoomed up to 6.63 per cent in Wednesday’s trade amid sharp recovery witnessed post the choppy opening session. At the last count, all of the 15 stocks constituting the Nifty FMCG index traded in the green, with notable gainers from the pack being Radico Khaitan, Marico, United Spirits and HUL, registering gains between 7-8 per cent. Read more
Share Market Today LIVE | Aditya Goela on FMCG sector
"The FMCG sector's resilience can be attributed to its defensive nature and the anticipation of a boost in rural demand post-election. The expectation of a good monsoon and softening of raw material prices, FMCG companies are poised to pass on the benefits to consumers while also investing more in brand building. This combination is expected to drive up demand for FMCG products, particularly in rural and semi-urban markets," says Aditya Goela, CFA, Co-Founder of Goela School of Finance
Goela adds however, it's important to note that the FMCG has not performed so well recently. The fast-moving consumer goods (FMCG) sector has been one of the worst-performing sectors in the current calendar year so far. Some of the factors contributing this are sluggish rural demand, high inflation and heightened competitive pressure, which hindered overall volume growth. Additionally, evolving consumer preferences towards sustainable and health-conscious products may have influenced the sector's performance
Share Market Today LIVE | Sensex climbs over 1,400 pts, Nifty above 22,300 in afteroon deals
Here is a how different sectors are performing at this hour:
Share Market Today LIVE | Sensex climbs over 1,300 pts, Nifty above 22,300 in afteroon deals
In the afternoon deals, benchmark equity indices inched higher with HDFC Bank, M&M, Infosys and HUL among the top gainers on Nifty50 index.
Here is a heatmap of stock movement at this hour:
Share Market Today LIVE | Bernstein retains its earlier target on Nifty for year end after surprise election verdict; key OW on financials
After the surprise general elections 2024 verdict, the BJP retained power but with a narrower majority. Amid this backdrop global brokerage Bernstein has retained its Nifty forecast for the year-end at 23,500, expecting high single-digit return. Importantly as the election results did not aligned with exit polls, Nifty had a worst session in four years tumbling by as much as 6 per cent to 21,884.5 points. This could translate into a potential upside of over 7 per cent from the last close. Read more
Share Market Today LIVE | Defence stocks: What should investors do with BEL, HAL shares? Here's what CLSA says
Global brokerage CLSA's report stated that the expensive valuation leaves little space for execution error. The brokerage expects the Modi government to continue to walk the talk for defence ‘Make in India’& to execute $43 billion in Indian-made products during FY24. Read more