Stock Market Today News | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed Tuesday’s trading session in the negative territory a day after markets clocked the best trading session in 3 years. Banks were under huge pressure, Bank Nifty down fell over 4,051 points or almost 8%.
However, that said Siddhartha Khemka, Head of Retail Research, Broking and Distribution at Motilal Oswal Financial Services does not rule out “some volatility on the day of the results declaration and it could be there in the short-term. But I feel in the case of a scenario where BJP garners more than 330 seats, there might be an uptick but might also see profit-booking eventually. The next trigger would be Govt formation and Budget. The growth momentum is a key driving factor for investment in India”
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded up, 0.01% at 104.06.
WTI crude prices are trading at $73.69 down by 0.43%, while Brent crude prices are trading at $77.83 down by 0.35%, on Tuesday morning.
Foreign institutional investors (FII) mopped shares worth Rs 6,851 crore, while domestic institutional investors (DII) bought shares worth Rs 1,914 crore on June 03, 2024, according to the provisional data available on the NSE.
Indian shares hit lifetime highs while the rupee gained and bond yields dropped, as investors were buoyed by expectations of sustained economic growth after exit polls indicated a decisive mandate and a third term for Prime Minister Narendra Modi, reported Reuters. The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 733.20 points or 3.25% to settle at 23,263.90, while the BSE Sensex jumped 2507.47 points or 3.39% to 76,468.78. Bank Nifty index ended higher by 1996 points or 4.07% to settle at 50,979.95.
Commenting on the markets ending on record highs Paras Matalia, Fund Manager & Head of Equity Research, SAMCO Mutual Fund said that the markets ended at new highs today largely because of Exit polls predicting landslide victory for the BJP-led NDA. This will result in a positive surprise of policy continuity with higher seats for the NDA government.
Matalia also added The election results will come out tomorrow and looking at last 2 NDA wins, they have usually beaten most exit poll results. If that happens this time too, markets might see further upside, especially the PSUs and sectors like defence, power, manufacturing and renewable energy benefitting from government’s focus. Investors should stay invested although with caution now, as valuations have become pricier.
Shares in the Asia-Pacific region are trading on a mixed note on Tuesday morning. The Asia Dow is trading up by 1.36%, where as the Japan’s Nikkei 225 is trading in red, down by 0.73%, Hong Kong’s Hang Seng index is ended higher by 1.79% and the benchmark Chinese index Shanghai Composite traded lower by 0.01%.
S&P 500 and the Nasdaq edged higher in a choppy session on Monday amid soft manufacturing sector data and as a glitch on the NYSE briefly caused trading halts in dozens of equities, reported Reuters. The tech-heavy Nasdaq Composite ended up by 93.65 points or 0.56% at 16,828.67. The S&P 500 ended higher by just 5.89 points or 0.11% at 5,283.40, while the Dow Jones Industrial Average ended flat by 0.01% at 38,567.28.