Top 10 things to know about the stock market today: RBI MPC, election results - Hindustan Times

Top 10 things to know about the stock market today: RBI MPC, election results

Jun 07, 2024 03:50 PM IST

Markets recover from the election results and rise higher than pre-exit poll levels.

The Indian stock market shot up in trade today, aided by IT, consumer durables, and also bank stocks, after the Reserve Bank of India (RBI) left interest rates unchanged.

The Indian stock markets recovered from the election results-induced fall(Mint photo)
The Indian stock markets recovered from the election results-induced fall(Mint photo)

Here's a list of 10 things to know about the Indian stock market today.

  1. Markets recover from election result day

The stock market has recouped all losses from the election result day, with the total market cap of all listed companies climbing to 421.47 lakh crore on June 7, which was above the aggregated market cap recorded on May 31, the day before the exit poll-led big surge, according to a Moneycontrol report.

Out of the 2,235 stocks listed on NSE, 1,113 are trading higher than before the exit polls, while the remaining 1,122 are still below exit poll levels. Among them, 71 stocks are trading over 10 percent higher, 196 stocks are trading higher between 5-10 percent, and 846 stocks are trading between 0-5 percent higher.

Also Read | Lok Sabha election results 2024: What to expect from ‘Modi stocks’ now

2. Most Sensex and Nifty stocks trade higher than before exit polls

Twenty-three of the 30 Sensex stocks and 36 of the 50 that make up the Nifty are trading higher than before the exit polls, the report read.

Among Nifty blue-chip stocks, Hindustan Unilever leads with a gain of over 9 percent from its exit poll level, followed by Hero MotoCorp with an 8 percent gain. Mahindra & Mahindra, Tata Consumer Products, Tech Mahindra and Bajaj Auto are also up over 7 percent each, according to the report.

Currently, the Sensex and Nifty are trading at 76,400 points and 23,200 points respectively, versus pre-exit poll levels of 73,961 and 22,530 points, respectively. The flagship indices are respectively just 300 points and 100 points away from their June 3 levels.

Also Read | Exit polls rigged to manipulate stock market? TMC's Saket Gokhale wants Sebi to step in

3. Adani group stocks still lag

Adani Enterprises and Adani Ports & SEZ fell by 6.6 percent and 5.9 percent, respectively, from exit poll levels.

4. PSU stocks lag most

BPCL leads the losers, down 7 percent from exit poll levels, while ONGC and Coal India are down nearly 4 percent each. Power Grid Corp and NTPC are both down around 3 percent.

5. IT stocks gain most

The Nifty IT index recorded its sharpest rally in the past four months, according to a Business Standard report.

The Nifty IT index was the top gainer among sectoral indices, up 3.2 per cent as compared to 1.6 per cent rise in the Nifty 50 index. In the past three trading days, the IT index has soared 9 per cent.

6. Sensex touches record high days after stock market crashed on counting day

The Sensex soared by over 1,720 points- over 2 per cent, to hit life-time intra-day record highs today, according to Hindustan Times. This comes as the Reserve Bank of India (RBI) revised upwards the GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier.

7. Nifty bank index surges 2%

From a low of 49,080.45, the Nifty Bank index surged nearly 2 per cent to hit a high of 49,932 levels, according to Business Standard.

All the12 banks in the index were in the green, led by Bandhan Bank (up 3%), Axis Bank (1.8%), ICICI Bank (1.5%), HDFC Bank (1.26%), and Federal Bank (1.17%) as of 12:00 noon.

8. Investor wealth jumps from 7.5 lakh crore

Investor wealth, as suggested by the BSE market cap, rose from Rs.7.54 lakh crore to Rs.42.43 lakh crore today compared with a valuation of Rs.415.89 lakh crore recorded during the previous session, according to Business Today.

Also Read | There are over 22 million millionaires in the world with total wealth of…

9. 159 BSE stocks hit 52-week high levels

As many as 159 stocks hit their 52-week high levels today with BSE 500 stocks such as Aditya Birla Fashion and Retail Ltd, Aegis Logistics, ARE&M, Avanti Feeds, Balkrishna Industries, Bikaji Foods and Biocon hitting their respective one-year high levels. But 29 stocks touched their respective one-year lows today, according to Business Today

10. All NSE indices in green

On NSE, All the 16 sub-indices were seen trading in the green, according to Business Today. Nifty Consumer Durables and Nifty IT outperformed the NSE index by rising 1.44 per cent and 3.23 per cent.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

Share this article
Story Saved
Live Score
Saved Articles
My Reads
Sign out
New Delhi 0C
Friday, July 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On