Sensex Today Ends at Record Highs, Rallies 2,500 Points | Nifty Above 23,200 Mark | 5 Reasons Why Indian Share Market is Rising

Mon, 3 Jun Closing

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After opening the day on positive note, Indian share markets continued the momentum as the session progressed and ended on firm footing.

Indian benchmark equity indices Nifty 50 surged past 23,000 and BSE Sensex crossed the 76,000 mark as they opened at a record high on Monday, buoyed by exit polls predicting a third term with a sizable mandate for Prime Minister Narendra Modi

At the closing bell, the BSE Sensex stood higher by 2,500 points (up 3.6%).

Meanwhile, the NSE Nifty closed higher by 777 points (up 3.5%).

SBI, ONGC and Adani Ports were among the top gainers today.

Eicher Motors, HCL Tech and Sun Pharma on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,480, up by 792 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 3.7% higher and BSE SmallCap index ended 2% higher.

Sectoral indices are trading positive with socks in energy sector, power sector and oil & gas sector witnessing most buying.

Shares of Bajaj Auto, ABB India and Hindustan Aeronautics hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.16 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 71,670 per 10 grams.

Meanwhile, silver prices were trading 0.4% lower at Rs 91,226 per 1 kg.

Here are three reasons why Indian Markets are rising today

#1 Exit Polls Prediction

Exit polls released after the last phase of voting on June 1, 2024, unanimously predicted the clear majority for the ruling Bharatiya Janata Party (BJP) and forecast the third term for PM Modi.

The average of all the Exit polls forecast 350-370 seats for the ruling National Democratic Alliance (NDA).

#2 Heavyweights Drive Sentiment

All 30 Sensex stocks and 45 Nifty50 stocks were trading in the positive zone on Monday, June 3. Reliance Industries, L&T, State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank were the top contributors towards the benchmarks' rally, surging between 3% and 7%.

Percentage-gain wise, Power Grid, Adani Ports, NTPC, BPCL, SBI, Shriram Finance, Adani Enterprises, L&T, ONGC, Axis Bank, and Ultratech Cement zoomed in the range of 5% to 10%.

#3 The Rupee Factor

The Indian rupee rose 42 paise to 83 against the US dollar in early trade after exit polls indicated a third term for Prime Minister Narendra Modi.

#4 Positive Global Markets

Markets across Asia-Pacific were ruling higher after China's manufacturing activity expanded at its fastest pace in nearly two years. Hang Seng was quoting 2.4% higher, Kospi was up 1.9%, Nikkei 1.2%, and ASX200 0.7%.

#5 FII Buying

The Foreign institutional investors (FIIs) turned net buyers on the final day of the month, as they bought Indian equities worth Rs 16.1 bn, while domestic institutional investors bought equities worth Rs 21.1 bn on 31 May.

Speaking of stock market, have you ever heard of Occam's Razor? It basically says the simplest explanation is usually the right one. Simplicity over complexity.

Can we apply this to investing, especially penny stocks that are trading below Rs 100?

Yes, we can.

Rahul Shah, Co-head of research at Equitymaster, talks about 3 penny stocks for your watchlist, chosen using Occam's Razor principles.

Tune in for more.

Bajaj Auto Stock Extends Gains

In news from the auto sector, Bajaj Auto shares traded 4% higher at Rs 9,444 to hit a new 52-week high on 3 May, extending gains for the second session in a row, buoyed by exit polls predicting a resounding victory for the Bhartiya Janata Party (BJP).

This comes despite the two-wheeler and three-wheeler major reporting muted sales in May after selling 3,55,323 units, as compared to 3,55,148 vehicles sold during the same month last year.

The company's two-wheeler domestic sales witnessed a 3% decline of 1.9 lakh units, down from 1.94 lakh units sold in May in the previous year. However, exports in the same category reported a 4% increase to 1.17 lakh units, company data showed.

On the commercial vehicles (CV) side, domestic sales rose 9% to 36,747 while exports dropped 6%.

The Triumph maker is on track to launch six new models in the first half of FY25, beginning with the biggest Pulsar in early May.

The Pune-based two-wheeler major wants to set a "relentless pace" and ensure that it is always top of mind of this customer, the management stated in its post-results conference call.

FY24 was a year full of records for the automobile giant as it clocked the highest-ever revenue, EBITDA, and net profit. Furthermore, the company has clocked record Pulsar and KTM volumes in India in FY24.

PFC & REC Zoom 12%. What's Driving Rally?

Moving on, shares of REC Ltd gained as much as 12% on June 3 to hit a fresh record high REC of Rs 602.75 on the National Stock Exchange (NSE) after the company's board approved fundraising by way of non-convertible debentures (NCDs) on a private placement basis up to an aggregate amount of Rs 1.4 tn.

REC is a government-owned infrastructure finance company in India. They fund projects in power (including new technologies) and non-power sectors (roads, metro, IT, etc.) for both government and private companies.

The Maharatna company will raise funds through unsecured/secured, non-convertible bonds/debentures of up to Rs 1.5 tn.

Meanwhile, the company's board has also approved the appointment of Harsh Baweja as the chief financial officer (CFO) and director of finance.

Another PSU financier skyrocketed 12% on 3 June. Shares of Power Finance Corporation (PFC) hit a fresh record.

The sharp rally came as exit polls indicated a huge win for the NDA government resulting in market experts predicting a political and policy continuity. This sentiment suggests the potential for continued outperformance of PSU shares.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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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Indian Share Market Update: Top Gainers and Losers