POST-MARKET SUMMARY 3rd June 2024
On June 3, Indian equity markets surged more than 3%, marking the biggest single-day gain in three years, as Dalal Street celebrated the outcome of most exit polls predicting a significant win for the BJP-led NDA for the third time in a row. Top Gainer: ADANIPORTS | Top Loser: EICHERMOT
On June 3, Indian equity markets surged more than 3%, marking the biggest single-day gain in three years, as Dalal Street celebrated the outcome of most exit polls predicting a significant win for the BJP-led NDA for the third time in a row. All the sectoral indices ended in the green, with capital goods, PSU Bank, oil & gas, power, and realty rising by 5-8%.
After today's record-breaking rally, check out tomorrow’s predictions: How Will the Nifty and Sensex Move Post-Exit Polls?
NIFTY: The index opened 807 points higher at 23,337 and made a high of 23,338 before closing at 23,263. Nifty has formed a Hanging Man kind of pattern on the daily chart, with long upper and lower shadows. Its immediate resistance level is now placed at 23,340 while immediate support is at 23,140.
BANK NIFTY: The index opened 1,906 points higher at 50,889 and closed at 50,979. Bank Nifty has formed a small-bodied bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 51,250 while support is at 50,700.
Stocks in Spotlight
▪ Ashoka Buildcon: Stock surged 6.5% after the company emerged as the lowest bidder for two projects worth Rs 2,153 crore awarded by the Maharashtra State Road Development Corporation.
▪ Power Grid: Stock closed 9% higher as market experts predict a political and policy continuity as captured in the exit polls.
▪ IRB Infrastructure: Stock leaped over 10% on reports that the center is likely to increase road toll charges between 3 percent and 5 percent after putting the annual increase on hold in April due to the country's general elections.
Global News
▪ European markets started the month higher on Monday, extending last week’s rally, as investors look ahead to the European Central Bank’s latest interest rate decision later this week.
▪ Gold prices ticked up on Monday, as investors awaited multiple U.S. economic reports this week for clues on health of the economy, after a recent inflation report suggested the Federal Reserve might have room for rate cuts in 2024.
▪ The dollar pulled back on Monday against a basket of currencies, as investors analysed manufacturing data and elections-affected emerging markets.
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