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Nifty, Sensex rise over 3%; Volatility Index falls to 20%
Image Credit: Wikimedia Commons

Nifty, Sensex rise over 3%; Volatility Index falls to 20%

| @indiablooms | 03 Jun 2024, 03:03 pm

Mumbai: Markets rode a wave of optimism with both Nifty and Sensex rising over 3 percent around noon on June 3. The rally in the Indian markets kicked in after exit polls on June 1 predicted a decisive win for the NDA government, media reported.

Buying was seen across the board, with all 13 sectoral indices in the green. Financial services and oil and gas spearheaded the gains in Nifty 50. Among individual stocks, RIL, SBI, and L&T were the primary drivers of the index's upward movement, reported Moneycontrol.

At 12 pm, the Sensex was up 2,319 points or 3.1 percent at 76,280, and the Nifty 50 was up 697 points at 23,227. About 2,390 shares advanced, 1,038 shares declined, and 130 shares remained unchanged.

Excluding seven stocks, the remaining 43 stocks in the Nifty 50 posted gains.

As of 12:05 pm, India VIX had decreased by 18.3 percent to 20. In the broader market, the BSE Midcap increased by 3.3 percent, while the BSE Smallcap rose by 2 percent.

The VIX, or Volatility Index, is a real-time market index that represents the market's expectations for volatility over the coming 30 days. It is often referred to as the "fear gauge" or "fear index" because it tends to rise when investors anticipate increased volatility or market turbulence.

All 13 sectoral indices were trading positively, with Nifty Oil & Gas, Nifty Realty, and Nifty Bank leading the gains at 4-5 percent.

In contrast, Nifty Pharma, Nifty Healthcare, and Nifty IT experienced the smallest gains, rising 0.5-0.7 percent.

The key gainers in the Nifty were Power Grid Corp, Adani Ports, SBI, NTPC, and Shriram Finance, while the notable losers were Eicher Motors, LTIMindtree, HCL Tech, and Asian Paints, reported Moneycontrol.

On the Sensex, the top gainers included Power Grid Corp, NTPC, SBI, L&T, and Axis Bank, with HCL Tech being the main loser, it added.

PNC Infratech shares surged over 7 percent after its subsidiary, PNC Kanpur Highways Ltd, received a payment of Rs 390.62 crore from the National Highways Authority of India (NHAI) as part of a settlement agreement, the report said.

Eicher Motors shares fell over 1 percent following the company's report of a decline in motorcycle sales in May amid challenging circumstances.

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