Nifty and Sensex Close at Record Highs

3 Jun 2024 , 03:51 PM

The announcement of exit polls predicting a decisive win for the NDA government propelled the benchmark indices Nifty and Sensex to unprecedented levels on June 3. All 13 sectoral indices closed in the green, with financial services, oil and gas, and power sectors leading the charge on the Nifty.

The Nifty reached an all-time high of 23,338, while the Sensex soared to a fresh high of 76,738 during the trading session. By the close of the day, the Sensex had climbed 2,507 points or 3.4% to settle at 76,468, and the Nifty 50 had risen 733 points or 3.3% to end at 23,263. Market breadth was positive with 2,210 shares advancing, 1,310 shares declining, and 103 shares remaining unchanged.

In the broader market, the BSE Midcap index rose by 3.5%, while the BSE Smallcap index gained over 2%, reflecting broad-based buying interest.

Among the Nifty 50 constituents, NTPC, SBI, and Adani Ports emerged as the top gainers, with their stocks rising between 9.3% and 10.6%. In contrast, HCL Tech, LTIMindtree, and Eicher Motors were the worst performers, each falling between 0.6% and 1.3%.

A notable highlight of the day was SBI, which became the seventh Indian listed company to surpass a market capitalization of Rs 8 lakh crore. Adani Group stocks were also in the spotlight, continuing their upward momentum for the second consecutive session, in line with the overall bullish trend in Indian equities.

On the downside, shares of Eicher Motors closed 1.3% lower. The decline followed the company’s report of a drop in motorcycle sales for May, amid challenging market conditions.