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  5. NIFTY50 cheers exit poll predictions, captures 23,000 mark

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NIFTY50 cheers exit poll predictions, captures 23,000 mark

Upstox
By Upstox News Desk

3 min read | Updated on June 03, 2024, 19:05 IST

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SUMMARY

The NIFTY50 paused after a strong gap-up, forming a hanging man candlestick on the daily chart. This bearish reversal pattern suggests that investors are taking profits at high levels. However, the confirmation of a potential trend reversal awaits tomorrow's closing price.

Foreign investor selling and pre-election jitters are likely culprits for market fall.

NIFTY50 cheers exit poll predictions, captures 23,000 mark

Markets kicked off the week with a robust performance, rising over 3% on the back of favourable exit polls suggesting a general election victory for the BJP-led NDA government. The NIFTY50 index made a fresh all-time high and ended the day at 23,263, while SENSEX closed the day at 76,468.

All the major sectoral indices ended in the green with PSU Banks (+8.4%), Oil & Gas (+6.8%) and Reality (+5.9%) advancing the most.

The strong performance of the indices underlines the anticipation surrounding the official election results, which will be released tomorrow. Experts believe that if the election results are in line with or slightly below the exit poll predictions, the market could come under mild to severe selling pressure. Conversely, if the NDA secures a significantly higher number of seats than the exit polls, the market could see another wave of buoyant movement.

  • Top gainer and loser in NIFTY50: Adani Ports (+10.2%) and Eicher Motors (-1.3%)

  • The broader markets also saw buying momentum. The NIFTY Midcap 100 index rose over 3% and the Smallcap 100 index gained over 2%.

  • Top gainer and loser in NIFTY Midcap 100: Container Corporation of India (+9.2%) and Fortis Healthcare (-3.3%)

  • Top gainer and loser in NIFTY Smallcap 100: Irb Infrastructure (+10.2%) and Godfrey Phillips (-3.5%)

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Key highlights of the day

💸State Bank of India (+9%) became the 7th Indian company to cross the ₹8 lakh crore market capitalisation mark, hitting a record high of ₹912.
💊Aurobindo Pharma jumped nearly 4% after its subsidiary TheraNym Biologics signed a deal with Merck Sharpe & Dohme to manufacture biological drugs. TheraNym will also invest ₹ 1,000 crore to set up a new facility for this purpose.
💰Shriram Finance jumped 7% after the company secured a social loan of ₹3,884 crore. The company plans to use the loan to support small businesses and entrepreneurs.
🗼Power Grid (+9%) was in focus after the state-owned company crossed the₹3 lakh crore market capitalisation mark. This was on the back of positive investor reaction to the exit poll results.

Top traded futures contracts

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Top traded stock options contracts

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4 trading insights from NIFTY 200🔍

📉Open = High (Bear power): Ipca Laboratories, Eicher Motors, Samvardhana Motherson, LTIMindtree and Asian Paints

📈Open = Low (Bull power): Bank of Baroda, Supreme Industries, HDFC AMC and Sun TV

🏗️Fresh 52 week-high: Adani Power, GAIL, Power Finance Corporation, REC, Bank of Baroda and State Bank of India

⚠️Fresh 52 week-low: Tata Elxsi and Berger Paints

And that's it for today's F&O recap! Get the full scoop on market trends and curated scans at https://pro.upstox.com/

See you tomorrow!

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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