Sensex Rallies 437 Points, Nifty Ends Above 16,600; Metal & IT Stocks Witness Buying

Thu, 2 Jun Closing

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After opening the day on a flat note, Indian share markets witnessed positive trading activity and ended higher despite mixed global cues.

Benchmark indices extended gains as the session progressed and ended on a firm note as buying returned in index heavyweight stocks.

At the closing bell, the BSE Sensex rallied by 437 points, up 0.8%. Meanwhile, the NSE Nifty jumped 105 points.

Reliance Industries, Bajaj Finserv, and Sun Pharma were among the top gainers today.

HDFC, HUL, and Power Grid, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,608, up by 100 points, at the time of writing.

The BSE Midcap index ended on a flat note while the BSE Smallcap index ended higher by 0.6%.

On the sectoral front, energy sector, metal sector, and IT sector witnessed huge buying interest.

Automobile sector stocks, on the other hand, were among the hardest hit.

Shares of Blue Dart Express and Fine Organic Industries hit their respective 52-week highs today.

Greaves Cotton surged 14% today before erasing gains as the company's EV arm got a big bang investment.

M&M share price is rising for the past couple of days on health earnings outlook.

Meanwhile, Dixon Technologies is not far behind as the company's shares continue their uptrend.

With stocks rising across the board, you must be excited to see that volatility has eased and things are going back to normal. Several Indian stocks have delivered multibagger returns in a span of one month.

But remember that not all are worthy. Many could be trading in uncharted territory and may be overvalued.

If you're new and on the lookout for fundamentally strong stocks, check out the debt free stocks and the ones which pay high dividend.

Also, read about the multibagger penny stocks for 2025 to get started in the world of penny stock investing.

Asian share markets ended on a mixed note today. The Nikkei ended lower by 0.2% while the Hang Seng ended lower by 1.1%. The Shanghai Composite added 0.4%

US stock futures are trading in green indicating a positive opening for Wall Street indices with the Nasdaq Futures trading up by 72 points.

Gold prices for the latest contract on MCX are trading at Rs 50,788 per 10 grams.

The rupee is trading at 77.56 against the US$.

Speaking of stock markets, Chartist Brijesh Bhatia discusses what the charts say about investing in unicorn stocks like Paytm and Zomato, in one of his videos for Fast Profits Daily.

Is there a reversal on the cards? Are these stocks becoming good investments now? Brijesh answers all these questions in the video below.

Tune in to find out more:

In news from the engineering space, shares of the engine manufacturing company, Greaves Cotton surged after the company announced fresh investments in the firm's electric vehicle (EV) arm.

Saudi Arabian firm Abdul Latif Jameel International has committed an investment of US$ 220 m in Greaves Cotton's EV arm, Greaves Electric Mobility.

The company has claimed it to be one of the largest single tranche growth capital investments in the Indian electric two-wheeler and electric three-wheeler sector.

The initial investment will be of US$ 150 m for a 35.8% stake on a fully diluted basis in Greaves Electric Mobility. The post money equity value for the EV subsidiary will be US$ 419 m.

Greaves Electric Mobility manufactures electric two-wheelers under the brand name Ampere Vehicles and electric three-wheeler vehicles under the brands Ele and Teja.

Greaves Cotton share price ended 1.2% higher on the BSE today.

Speaking of EVs, have a look at the chart below which shows the massive opportunity in the two-wheeler EVs.

Here's what lead Smallcap Analyst at Equitymaster, Richa Agarwal wrote about this in one of the editions of Profit Hunter:

• In the last five years, two-wheeler sales in India were around 2 crore units per year. Now the sector is cyclical and has been in the downturn for some time. So let's consider a moderate 5% growth for the next 10 years.
  
  By 2030, we are looking at 2-wheeler sales of 3 crore units. Even if one third of this is EV sales, that's 1 crore electric 2-wheelers per year.
  
  In the last 2 years, average electric 2-wheeler sales were 1.5 lakh units. From 1.5 lakh to 1 crore, that's a 66x opportunity in 2-wheeler EVs.
  
  This is an annual growth rate of 52% over next 10 years. It's an almost vertical growth opportunity.

As per Richa, this is like a gold rush. But like in any gold rush, the winners will just be a few.

Moving on to news from the textiles space, Raymond was among the top buzzing stocks today.

The stock has surged 43.5% in one week as against 3% gain in benchmark indices. In the past six months, the stock almost doubled after the company delivered strong quarterly performance consecutively for the last two quarters.

For the March 2022 quarter, the company reported over four-fold jump in its consolidated net profit to Rs 2.6 bn, helped by buoyant demand and strong consumer sentiments during the period.

Meanwhile, the company had posted a net profit of Rs 583 m during the quarter under preview.

The company capitalized on brand's strength, and expansive network, and leveraged the spurt in demand across domestic and global markets.

Branded textile segment sales, which accounted for 45% of total sales, recorded healthy 23% YoY growth, driven by strong momentum in secondary sales led by wedding related purchases and higher footfalls in retail outlets.

Raymond share price hit the 20% upper circuit today on the BSE and ended at its 52-week high levels.

Back in April 2022, Equitymaster had listed Raymond in the editorial 5 stocks to watch out for in this wedding season.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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