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Stock Market: Markets close at record high levels on expectation of Modi govt's return; Nifty, Sensex jump over 3%, Bank Nifty crosses 50,000 mark
Image Credit: Representational image from Wallpaper Cave

Stock Market: Markets close at record high levels on expectation of Modi govt's return; Nifty, Sensex jump over 3%, Bank Nifty crosses 50,000 mark

| @indiablooms | 03 Jun 2024, 05:39 pm

Mumbai: Monday's trading session concluded with the benchmark equity indices recording gains. The NSE Nifty 50 surged by 733.20 points or 3.25% to settle at 23,263.90, while the BSE Sensex soared by 2507.47 points or 3.39% to 76,468.78.

The Bank Nifty index also ended higher, rising by 1996 points or 4.07% to settle at 50,979.95.

In the broader market, both Large-cap and Mid-cap stocks contributed to the positive territory. Notably, PSU Banks and Energy stocks outperformed other sectoral indices, while Realty and Financial Services stocks also saw gains.

On the NSE Nifty 50, the top gainers included Adani Ports and SEZ, State Bank of India, NTPC, Power Grid Corp, and ONGC. Conversely, the laggards comprised Eicher Motors, LTIMindtree, HCL Technologies, Sun Pharma, and Asian Paints.

The Indian Volatility Index (India VIX) concluded the session with a decrease of 14.89%, settling at 20.94. This decline indicated a stabilization in the market, which followed exit polls predicting the formation of the NDA government for the third consecutive term.

“Bulls maintain their grip on Dalal Street, with the Sensex and Nifty opening at record highs. Following the general election exit poll, the market saw broad-based buying, with the expectation that the BJP will return to power. All sectoral indices closed in the green, with capital goods, PSU banks, oil and gas, power, and real estate up 5-7 percent,” said Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Technically, the index has formed a hanging man candlestick pattern on top, which requires further confirmation. The index has crossed the barrier of previous high of 23,110 and has managed to stay above it, indicating strength; however, tomorrow comes a major event, the outcome of the general election, which may cause market volatility.

“Thus, in the immediate term, 23,500-23,800 will serve as resistance points. On the downside, the recent breakout peak of 23,110 will act as first key support for the index, followed by 21 DEMA (Days Exponential Moving Average) 22620,” Sharma said.

“The Bank Nifty index opened with a big gap up and registered an all-time high of 51,133.20, finally settling the day on a positive note at 50,980. The Bank Nifty produced a hanging man candlestick pattern on top, which awaits further confirmation. The index has broken over the 49,975 barrier and continues climbing to new highs. As long as the Bank nifty remains above its breakthrough level, the bull runs might extend to 52,000-52,700. On the downside, trend line support is nearing 50600 levels, with the recent breakout point at 49,975,” he added.

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