Gift Nifty Up 122 Points | Why HUL Share Price is Rising | Adani Group Shares Tumbles 20% | Top Buzzing Stocks Today

Wed, 5 Jun Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

The benchmark Sensex dropped as much as 5,661 points, or 7.4% to hit an intraday low of 70,785.12 levels, on Tuesday, 4 June.

The sharp drop was primarily driven by uncertainty surrounding the outcome of the Lok Sabha 2024 election results.

At the closing bell on Tuesday, the BSE Sensex stood lower by 4,390 points (down 5.7%).

Meanwhile, the NSE Nifty closed lower by 1,380 points (down 5.9%).

HUL, Nestle and Britannia were among the top gainers.

Adani Ports, Adani enterprises and ONGC, on the other hand, were among the top losers.

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

Broader markets ended the day negative. The BSE Mid Cap ended 8% lower and the BSE Small Cap index ended 6.8% lower.

Barring FMCG sector all other sectoral indices are trading on negative note with stocks in power sector, telecom sector, Energy sector and oil & gas sector witnessing buying most selling pressure.

Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 72,009 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:00 AM today, the Gift Nifty was trading up by 122 points at 22,069 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

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.

Top buzzing stocks today

Reliance Industries share price will be in focus today.

Rs 1.7 trillion (tn) was wiped off of Reliance Industries Ltd's (RIL) investors as shares of the company tumbled 9.6% on BSE today as poll counting estimates showed that Prime Minister Narendra Modi-led NDA alliance was not likely to score as much as exit polls had predicted in the 2024 Lok Sabha elections.

Defence stocks will also be a top buzzing stock.

shares of defence-related companies plummeted as much as 15% in trade on 4 June as investors rushed to take home partial profits after the bull run seen in these counters in recent times.

Defence stocks have been the flavour of the season under the Modi government, reaching greater highs on the back of the government's push towards the indigenization of defence manufacturing under the Atmanirbhar Bharat theme.

Why HUL Share Price is Rising

Hindustan Unilever (HUL) share price surged over 4.7% on Tuesday, 4 June, amid early trends showcased that the results are not aligning with the exit poll.

the frontline indices traded with sharp cuts, with Nifty 50 down more than 450 points or over two per cent to 22,800. On the other hand, the Nifty FMCG index was higher by around 0.3%.

This was as, foreign brokerage had suggested that consumption stocks might see a more favourable outcome if the opposition stocks gained favour, at least in the near term.

In the case that the NDA won over 340 seats, the brokerage said that there would be a gradual recovery in rural consumption, and it would likely stay weak near term. However, in the long-term, macro fundamentals will take over, leading to an exponential rise in manufacturing growth, added Bernstein.

In the case that the NDA government does not perform favourably, there will be a quicker recovery in consumption.

Adani Group Shares Tumbles 20%

With Adani Ports, billionaire Gautam Adani's cash cow, leading the downside with a 20% crash, shares of all 10 Adani Group companies on Tuesday fell as the counting of votes for the Lok Sabha elections showed that PM Modi may not win as many seats as expected in the exit polls.

Shares of Ambuja Cements, Adani Enterprises, Adani Energy Solutions, Adani Green, NDTV, ACC, Adani Total Gas and Adani Gas fell between 18% to 12% each. The total market capitalisation of all the 10 Adani stocks fell by around Rs 3 trillion (tn).

In yesterday's session, Adani stocks were among the top gainers as exit polls predicted that PM Narendra Modi will win elections with a thumping majority going well above 350 seats. Following the rally, Adani stocks had also erased all Hindenburg-era losses with its market capitalisation nearing the Rs 20 tn mark once again after a gap of 16 months.

In FY24, Adani Group's profit after tax (PAT) in FY24 jumped 55% to Rs 307.7 bn, while its EBITDA grew 40% year-on-year to Rs 6.6 bn.

At the end of FY24, the group's net debt at the group level remained stable at Rs 2.2 tn in FY24 vs Rs 2.3 tn. Net debt/EBITDA improved materially to 3.3x FY24 EBITDA vs 5x YoY.

Adani Ports and Adani Power saw a drop in net debt in FY24.

Why Railway Stocks are Falling

Railway stocks tanked by up to 20% on Tuesday, 4 June, as early election trends diverged from exit poll predictions.

Shares of Titagarh Rail Systems and RailTel Corporation tumbled nearly 20%, while Ircon International, IRCTC, RITES, Rail Vikas Nigam (RVNL), and Texmaco Rail & Engineering saw declines of over 18%. Meanwhile, IRFC and Jupiter Wagons also fell around 16%.

the BJP-led NDA was ahead in 289 seats out of 543 seats, while the INDIA alliance was leading in 233 seats, with others leading in 21 seats.

This contrasts with earlier exit poll surveys, which, after the 7 phase of elections on Saturday, indicated a likely BJP victory with the NDA securing over 370 seats.

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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