STOCK MARKET ON ALL TIME HIGH

Investors' wealth surged by ₹12.48 lakh crore during the morning trade on June 3, as the benchmark equity index Sensex reached a historic high following exit polls predicting a significant victory for the BJP-led NDA in the Lok Sabha elections. The 30-share BSE Sensex soared by 2,777.58 points, or 3.75%, to a record peak of 76,738.89 in early trade.

This substantial rally in equities boosted the market capitalisation of BSE-listed companies by ₹12,48,952.68 crore, reaching an unprecedented ₹4,24,61,833.82 crore ($5.10 trillion) during the morning session.

Exit polls released on June 1 indicated that Prime Minister Narendra Modi is likely to secure a third consecutive term, with the BJP-led NDA expected to achieve a substantial majority in the Lok Sabha elections. The vote counting is set for June 4.

The market outlook remains positive in both the short and long term, supported by the recently released strong GDP growth data. India's economy grew by 8.2% in the fiscal year ending in March, reinforcing its position as the fastest-growing major economy in the world. The GDP figures released on Friday exceeded expectations with 8.2% growth, providing fundamental support to the market.

All 30 Sensex companies were trading positively. Power Grid, NTPC, State Bank of India, Larsen & Toubro, Mahindra & Mahindra, IndusInd Bank, and Axis Bank were the biggest gainers among the Sensex pack.

In Asian markets, Seoul, Tokyo, and Hong Kong were trading higher, while Shanghai was lower. U.S. markets mostly ended higher on May 31. Foreign Institutional Investors (FIIs) purchased equities worth ₹1,613.24 crore on Friday, according to exchange data.

-Lavanya Yadav@wondernext


Comments

Post a Comment

Popular posts from this blog

Congress Leader Rahul Gandhi Demands JPC Probe into June 3rd & 4th Stock Market RISE AND CRASH

Image
  Rahul Gandhi Demands JPC Probe into June 3rd & 4th Stock Market Rise and Crash Congress Leader Sh. Rahul Gandhi has called for a thorough JPC investigation into the significant rise and crash in the equity market on June 4. The market crash, which resulted in the loss of Rs 30 Lac Crores (Almost 360 Billion USD)  in investor wealth, came on the heels of emerging trends from the Lok Sabha election results showing the ruling Bharatiya Janata Party (BJP) significantly trailing behind its projected targets. On Tuesday, benchmark indices Sensex and Nifty dropped by 8% during intraday trade but managed to reduce losses to 6% by the market close. At 3:30 PM on June 4, the BSE Sensex had plunged 4389.73 points or 5.74% to end at 72,079.05, and the Nifty 50 closed at 21,884.50, down by 1,379.40 points or 5.93%. Labeling the situation as a scam, Rahul Gandhi accused Prime Minister Narendra Modi and Home Minister Amit Shah of fore-knowledge of the downturn. He alleged that they advised inve
Read more

Bloodbath in Indian Stock Market

Image
Mayhem in the market as the stock indexes experienced their steepest decline since March 2020, erasing all of Monday's gains. Sensex closed at 72079(-4390) and Nifty at 21885(-1379), a fter touching intraday low of 6235 and 2168 points respectively.   This came after exit polls indicated that the BJP-led alliance is likely to secure a two-thirds majority in the lower house. The volatility index spiked to 29.79, its highest level since March 2022, after easing on Monday. All sectors saw declines, Bank stocks fell by 7.8%, real estate by 9.1%, infrastructure by 10.5%, oil and gas by 11.7%, and state-run companies and banks by 17% and 16%, respectively. Adani Group’s Stocks fell corrected by 9% to 19%. Reliance fell by 7.5%. The market fears may drive it decline further. Even with the current majority, there will be some disappointment as it falls below market expectations. Markets were at an all-time high, with significant hope built on BJP's majority. These expectations wi
Read more

NDA Government 3.0:Full List of Ministers Sworn in led by Sh Narendra Modi

Image
NDA Government 3.0:Full List of Ministers Sworn in On Sunday, Narendra Modi was sworn in as the Prime Minister of India for the third consecutive term. President Droupadi Murmu administered the oath to several key ministers, including Rajnath Singh, Amit Shah, and Nitin Gadkari. Below is the complete list of ministers who took the oath to be part of the Modi 3.0 ministry. Prime Minister Narendra Modi's Historic Third Term Narendra Modi’s third consecutive term as Prime Minister is a notable achievement, as only Jawaharlal Nehru has previously served three terms in this role. On this significant day, a total of 72 leaders were sworn in to join the Modi 3.0 ministry, which includes 30 Cabinet ministers, five Ministers of State with Independent Charge, and 36 Ministers of State. Key Ministers and Their Portfolios Rajnath Singh: Former Union Defence Minister Amit Shah: Former Union Home Minister Nitin Gadkari: Former Union Minister of Road and Transport JP Nadda: BJP National Chief, ne
Read more