Stock Market Highlights: Markets close higher; NIFTY up 3.3%, SENSEX gains 2,300 points

Thank you, readers! That's all from Upstox.com's live market coverage on 5 June 2024. We’ll be back with our live coverage at 8:00 am on Thursday.

Benchmark Indices – NIFTY50 (+3.36%) and SENSEX (+3.20%) – closed higher on Wednesday. NIFTY50 ended at 22,620. Out of the NIFTY50 space, 48 stocks were advancing. Adani Ports, IndusIND Bank and Hindalco were among top gainers.

Shares of state-run Rashtriya Chemicals and Fertilizers Ltd dropped as much as 4% on Wednesday, May 5, after the company informed the stock exchanges that it has got a notice from the central government for recovery of ₹265 crore. Read more.

Benchmark Indices – NIFTY50 (+2.42%) and SENSEX (+2.32%) – is trading higher on Wednesday. NIFTY50 is at 22,413. Out of the NIFTY50 space, 46 stocks were advancing. IndusIND Bank, Mahindra and Mahindra, and Hero MotoCorp were among top gainers.

Shares of India’s largest lender State Bank of India declined up to 4% on Wednesday, June 5, in the second straight day of fall even as the bank announced that its board will consider a proposal for long-term fundraising of $3 billion (around ₹25,000 crore). Read more.

Railway stocks continued to witness heavy sell-off on Wednesday with shares of many firms falling as much as 13% in early morning trade.

Most stocks pared some of the losses but still were trading in the red. Amongst public sector companies, shares of Indian Railway Finance Corp were trading 3% lower as of 9:45 a.m. while RVNL shares were trading 3.66% lower. Indian Renewable Energy Dev Agency lost nearly 4% in early trade while Railtel Corporation of India shares fell 6.65%. Read more.

Absolute Sports, a Nazara Technologies subsidiary and the parent company of Sportskeeda.com and ProFootballNetwork.com announced today that it has signed an asset purchase agreement, subject to closing conditions, to acquire all of the assets of SoapCentral.com, a premier source of entertainment content in the US.

"The transaction is for an all-cash consideration of $1.4 Million (~ INR 11.6 crores) and is expected to be closed in the next 30 days. In CY23, SoapCentral.com had revenues of US $621K (~ INR 5.2 crores). Absolute Sports will use its cash reserves to fund the transaction," the company said in an exchange filing.

Benchmark Indices – NIFTY50 (+1.11%) and SENSEX (+1.32%) – opened higher on Wednesday. NIFTY50 is at 22,128. Out of the NIFTY50 space, 40 stocks were advancing. Hindustan Unilever, Mahindra and Mahindra and Britannia were among top gainers.

Tracking positive global cues, the GIFT NIFTY is trading higher (+0.4%)- indicating a positive start for the Indian equities today. Asian markets are trading mixed. Japan’s Nikkei is down 1%, while Hong Kong’s Hang Seng index is up 1.3%.