Business News Highlights: Markets Settle Sky-High, Sensex Closes 2,500 Points Up, Nifty Above 23,300
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GIFT Nifty opened on Monday on a positive note. During the early hours, the futures climbed over 23,300, and later on around 8:50 AM, the futures traded above the 23,500 mark at 23,538.50.
In the previous trading session on Friday, the two key equity benchmarks, Sensex and Nifty, ended their losing streak of 5 days and settled the trading session with marginal gains. The S&P BSE Sensex closed trading above the 73,950 mark at 73,961, logging a gain of 76 points, while the NSE Nifty50 settled for the day at 22,531, inching up by 42 points.
The exit polls were released over the weekend and showed that the PM Narendra Modi-led BJP alliance is projected to not only win but secure a comfortable majority with 300 to 350 seats in the Lok Sabha elections.
“The market is approaching the event with caution, and the positive surprise from exit polls can lead to a rally as majority of the exit polls are giving 350+ seats to the NDA. Conversely, a negative surprise from actual results might trigger a knee-jerk reaction in the market,” commented Santosh Meena, Head of Research, Swastika Investmart Ltd.
Further, the Reserve Bank of India (RBI) is also set to meet for the next monetary policy committee (MPC) meeting on June 5, 2024. The central bank will announce the decision on key interest rates after the meeting concludes on June 7, 2024.
The exit polls are expected to influence a bull run in the markets today. However, historical patterns from the last two election results in 2014 and 2019 show that the market typically settles with minimal changes in the aftermath of such events after witnessing major volatility during the early trading hours.
On Friday, Foreign Institutional Investors (FIIs) acquired stock worth Rs 1,613 crore, while the Domestic Institutional Investors (DIIs) emerged as the net buyers after they bought shares worth Rs 2,114 crore.
Honda Motorcycle And Scooter India Logs 45 Per Cent Climb In Domestic Sales In May
Honda Motorcycle and Scooter India reported on Monday a 45 per cent gain in domestic wholesales at 4,50,589 units in May against 3,11,144 units sent to dealers in the same month a year earlier. The overall sales of the firm increased to 4,92,047 units in May 2024, from 3,29,393 units in the corresponding month last year.
Rupee Appreciates 28 Paise To Settle At 83.14 (Provisional) Against US Dollar
The Indian rupee settled on peak two-month closing level of 83.14 (provisional) against the US dollar on Monday. The domestic unit opened at 83.09 and traded between 82.95 and 83.17 and finally closed at a gain of 28 paise at 83.14 against the American currency. In the last trading session on Friday, the rupee ended at 83.42 against the greenback.
Stock Market Closes: Indices End In Green, Sensex Soars Over 3 Per Cent, Nifty Up By Over 700 Points
The stock market settled the trading session on Monday in great sentiment, reacting to the exit polls predicting a clear victory for the ruling party. The S&P BSE Sensex closed the session at 76,468.78, jumping over 2,500 points, while the NSE Nifty50 ended the session at 23,307.25, gaining more than 750 points.
Welspun Corp's Associate Firm Signs Steel Pipes Supply Agreements With Aramco
Welspun Corp Ltd on Monday announced that its associate entity, EPIC, signed mutliple agreements worth Rs 3,670 crore with Saudi Arabian Oil Co (Aramco) for supplying steel pipes. The company issued a statement and said, "Our associate company East Pipes Integrated Company for Industry (EPIC) today announced multi contracts sign off with Saudi Arabian Oil Co. (Aramco) with value exceeding (Saudi Riyal) SAR 1.65 billion (approximately Rs 3,670 crore) inclusive of value added tax for manufacturing and supply of steel pipes."
Comviva Names New CEO
Tech M's subsidiary, Comviva, announced on Monday that it has appointed Rajesh Chandiramani as the CEO and whole-time director of the firm, effective June 1, 2024.
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