It seems the Indian stock market has absorbed the impact of the Lok Sabha Elections that were declared on June 4. The Nifty managed to close at 22821, up 201 points while the Sensex closed at 75,074, up 692 points. In NSE, 1837 stocks were up while 283 were down. Many stocks were 10-15 per cent up.
On June 4, contrary to Exit polls, the BJP-led NDA failed to cross 300 seats with a tally of 293 seats. On the other hand, the Congress-led INDIA bagged 232 seats. This caused panic selling in the stock market and the Nifty made a low of 21281 on Tuesday. It has jumped 1540 points since then.
In large-caps, HCL Tech, Tech M, SBI, Infosys, NTPC, L&T, Tata Steel, Wipro, TCS, and Bharti Airtel were the top performing stocks. They were up in the range of 1.5-4.5 per cent. On the other hand, HUL, M&M, Sun Pharma, Asian Paints, Nestle India, and Axis Bank were down up to 2 per cent. The BSE MidCap index gained 2.3 per cent, while the BSE SmallCap index was up 3.3 per cent.
Nifty Realty was the top performing sector which closed 4.7 per cent up, followed by Nifty PSU Bank which was 2.9 per cent up, and Nifty IT which gained 2.8 per cent.
Narendra Modi is likely to be sworn-in as the Prime Minister for the 3rd time on June 6. Today’s upmove can be because of that too. It remains to be seen if the rally continues tomorrow and in the next week.
Disclaimer: Article only for educational purpose. Please consult your financial advisor before taking any decision.
