Share Market: On June 3, a day before the Lok Sabha election results, the Sensex rose 2,777 points to reach 76,738 and the Nifty rose 808 points to reach 23,338. This is an all-time high for both.
However, later the market came down slightly from its upper levels and the Sensex rose 2,507 points to close at 76,468. Nifty rose 733 points and closed at 23,263.
Share Market: Investors’ wealth increased by about 13 lakh crores
With this rise in the stock market, the wealth of investors has increased by about Rs 13,78,630 crore. The market cap of BSE was Rs 4,12,12,881 crore on Friday, which increased to Rs 4,25,91,511 crore today i.e. on June 3.
Nifty PSU Bank closed up 8.40%
Today, the Nifty PSU Bank index saw the highest rise. It closed up 8.40%. Nifty Oil & Gas Index rose 6.81%. Realty sector also rose 5.95%. Metal and media sectors rose more than 3%. Nifty Auto rose 2.45%.
Reliance stock reaches record high
RIL has made an all-time high of Rs 3,029. However, later it came down a bit and the stock closed at Rs 3,027 with a gain of 5.84%. This year, Reliance’s stock has risen more than 16%. With this rise, Reliance’s market cap has increased to Rs 20.45 lakh crore.
FIIs bought shares worth Rs 6850.76 crore
Foreign institutional investors (FIIs) and domestic institutional investors are buying. According to the interim data available on NSE, on June 3, 2024, FIIs bought shares worth Rs 6850.76 crore while DIIs bought shares worth Rs 1913.98 crore.
3 reasons for the boom in the Share Market:
- The market has opened for the first time on Monday after the exit polls of the Lok Sabha elections on June 1. It is believed that the estimate of a strong government in the exit polls has boosted the positive sentiment in the market. It is also estimated that the new government will work fast on development projects, which will strengthen the economy.
- Data has been released on Friday regarding the country’s GDP. In this, the economy has been shown to be strengthening. According to NSO, GDP growth in the fourth quarter of 2023-24 has been 7.8%. The government has also released a provisional estimate of GDP for the whole year i.e., FY 2024. GDP growth in FY24 has been 8.2%.
- Buying in stocks like Reliance, HDFC Bank, SBI, ICICI Bank boosted the Sensex. Reliance’s contribution was 487.44 points. HDFC Bank’s contribution was 273.81 points and ICICI Bank’s contribution was 249.29 points. On the other hand, Nestle, Infosys, Asian Paint, Sun Pharma and HCL Tech marginally weakened the market.
