SENSEX surges over 450 points, NIFTY reclaims 24,750 led by Reliance Industries, HDFC Bank, ICICI Bank

The Indian equity benchmarks surged after staging a subdued start on Thursday, June 5, ahead of weekly expiry of NIFTY50 futures and option contracts. The SENSEX rose as much as 464 points and NIFTY50 index touched an intraday high of 24,761 led by gains in index heavyweights like Reliance Industries, HDFC Bank, ICICI Bank, Power Grid, Mahindra & Mahindra and Sun Pharma.

As of 9:33 am, the SENSEX was up 378 points at 81,376 and NIFTY50 index advanced 118 points to 24,739 amid stable cues from other Asian markets.

Stable Asian markets

Most of the Asian markets were trading higher and the US dollar languished ahead of the European Central Bank offering its policy outlook for a tumultuous global economy, according to news agency Reuters.

Hong Kong's Hang Seng rose 0.48%, China's Shanghai Composite index advanced 0.1%, South Korea's KOSPI gained 1.16% while Japan's Nikkei fell 0.46%.

Sectoral landscape

Most of the sectoral gauges compiled by the National Stock Exchange were trading higher led by the NIFTY Pharma index's 0.8% gain. NIFTY Healthcare, Auto, Bank, IT, Metal, Realty and Consumer Durable indices also rose between 0.2%-0.4%.

On the contrary, select state-run lenders were facing a mild selling pressure.

Broader markets outperform

Mid- and small-cap shares were witnessing buying interest as NIFTY Midcap 100 index rose 0.35% and NIFTY Smallcap 100 index advanced 0.68%.

Newgen Software Technologies was top gainer in the NIFTY Smallcap 100 index, the stock rose 6.56% to ₹1,305 after the company informed exchanges that it has won an award from a customer for the procurement of Enterprise Workflow & Content Management System. The aggregate value of the aforesaid Award is $2.5 million.

NIFTY50 gainers and losers

Dr Reddy's Labs shares rose as much as 4.11% to hit an intraday high of ₹1,303 after the company informed exchanges that it has partnered with Alvotech to co-develop manufacture and commercialize a biosimilar candidate Keytruda for global markets.

The biosimilar is indicated for the treatment of numerous cancer types.

The stock was among the top gainers in the NIFTY50 index.

Eternals (3.79%), Trent (2.01%), Cipla (1.49%) and Adani Ports (1.45%) were also among the gainers.

On the flipside, Bajaj Finance, Bajaj Finserv, Axis Bank, IndusInd Bank and SBI Life were among the notable laggards in the NIFTY50 index.

The overall market breadth was extremely positive as 2,209 shares were advancing while 930 were declining on the BSE.