POST-MARKET SUMMARY 6th June 2024
On June 6, Indian stock markets ended positively for the second consecutive session, buoyed by news of the BJP-led NDA securing a third consecutive term. Top Gainer: TECHM | Top Loser: HINDALCO
On June 6, Indian stock markets ended positively for the second consecutive session, buoyed by news of the BJP-led NDA securing a third consecutive term. Global stocks also rose on expectations of a US rate cut and sustained growth in artificial intelligence.
Among sectoral indices, BSE Realty led with a gain of 4.85%, followed by BSE Industrials and capital goods indices, both jumping over 3.7% and 3.4%, respectively. Other gainers included Oil & Gas, Power, Telecommunication, and IT sectors, each up by over 2.5%.
NIFTY: The index opened 178 points higher at 22,798 and made a high of 22,910 before closing at 22,821. Nifty has formed a long bullish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 22,900 while critical support is at 22,650.
BANK NIFTY: The index opened 372 points higher at 49,426 and closed at 49,291. Bank Nifty has formed a long bullish candlestick pattern with a lower shadow on the daily timeframe. Its immediate resistance level is now placed at 49,600 while support is at 49,000.
Stocks in Spotlight
▪ Zee Entertainment: Stock shot up 6% after its board gave its in-principle approval for raising funds up to Rs 2,000 crore via issuance of shares or eligible securities.
▪ Uno Minda: Stock closed 13.5% higher as the company inked a deal with China's lnovance Automotive to boost the electric four-wheeler product portfolio.
▪ ITC: Stock gained over 1% after shareholders approved the demerger of ITC Hotels from the conglomerate.
Read more: Shareholders Green-Light ITC Hotels' Demerger! Discover What This Means For Investors
Global News
▪ Gold prices hit a two-week high on Thursday as U.S. bond yields fell on signs of a cooling labor market, strengthening a case for a September interest rate cut by the Federal Reserve, while investors positioned for U.S. non-farm payrolls data.
▪ The pan-European Stoxx 600 receded from a near record intraday high shortly after the decision, trading up 0.5% by 1:50 p.m. London time.
▪ Asia-Pacific stocks rose on Thursday on expectations that the European Central Bank will cut rates, with softer U.S. labor market data fuelling hopes that the Fed might follow suit, further boosting market sentiment.
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