Sensex Today Rallies 1,619 Points | Wipro Jumps 5% | 4 Reasons Why Indian Share Market is Rising

Fri, 7 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.

Sensex rallied nearly 1,700 points to hit life-time high. The domestic benchmark equity indices, Nifty50 and Sensex, traded with gains on Friday, as RBI raised its forecast for FY25 GDP growth to 7.2% from 7% earlier while keeping the rates unchanged for the 8th consecutive term.

At the closing bell, the BSE Sensex stood higher by 1,619 points (up 2.16%).

Meanwhile, the NSE Nifty closed higher by 446 points (up 1.9%).

Wipro, Tech Mahindra and M&M were among the top gainers today.

SBI Life Insurance and Tata Consumer Products on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,333, up by 415 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 1.2% higher and BSE SmallCap index ended 2.1% higher.

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

Shares of Dixon Technologies, Trent and Torrent Pharma 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 83.40 against the US$.

Gold prices for the latest contract on MCX are trading 1.4% lower at Rs 72,115 per 10 grams.

Meanwhile, silver prices were trading 1.9% lower at Rs 92,000 per 1 kg.

Here are four reasons why Indian Markets are rising today

#1 RBI Policy

Stock markets shot up in trade on Friday, aided by bank stocks, after the Reserve Bank of India (RBI) left interest rates unchanged during their June monetary policy.

The RBI's Monetary Policy Committee (MPC) kept the key repo rate unchanged at 6.5% for the eighth consecutive time on 7 June. The decision was taken with a 4:2 majority.

#2 Stocks hitting 52-week High

As many as 159 stocks hit their 52-week high levels today. BSE 500 stocks such as Aditya Birla Fashion and Retail Ltd, Aegis Logistics, ARE&M, Avanti Feeds, Balkrishna Industries, Bikaji Foods and Biocon hit their respective one-year high levels. With that being said, 29 stocks touched their respective one-year lows today.

#3 Buying in Index Heavyweights

For Sensex, the major constituents that pulled the index higher were Infosys, Reliance, HDFC Bank, M&M, ICICI Bank, Bajaj Finance, TCS, Airtel and Tata Steel. Infosys RIL and HDFC alone contributed positively to the around 493-point climb.

#4 DII Buying

Yesterday, domestic institutional investors (DIIs) bought Rs 37.2 bn of stocks, exchange data showed. Foreign institutional investors (FIIs) sold Rs 68.7 bn of shares on a net basis.

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.

Why Wipro Share Price is Rising

In news from the IT sector, shares of IT major Wipro surged 3.5% on BSE today as the company announced a US$ 500 million deal win with a leading US communication service provider.

Wipro has been awarded a US$ 500 million (m) deal by a leading US communication service provider. The company shall provide managed services for some products and industry-specific solutions.

On May 31, the company also announced the expansion of retail-focused capabilities within Wipro VisionEDGE+, which was developed in partnership with Cisco and AT&T and leveraging Amazon Web Services (AWS).

In its fourth-quarter results for FY24, Wipro reported large deal bookings at $4.6 billion for the entire financial year, which was a year-on-year (YoY) increase of 17.4%.

A leading US-based telecom wireless operator has selected Wipro as a strategic partner to provide managed services and overhaul the client's IT and digital operations. As part of this deal, Wipro will implement and operate a leading IT SaaS operating platform across the organization, drive data-driven insights, enhance digital and billing operating platforms, and drive better security and quality engineering practices.

Why Paytm Jumps 9% Today.

Moving on to news from the fintech space, shares of Paytm parent company One97 Communications Ltd. were trading with gains of more than 9% on Friday, June 7. The circuit filter for the Paytm stock has been revised to 10% from 5% earlier.

The price band has been revised from the existing levels with effect from June 7, 2024.

To recall, the stock exchanges had earlier lowered the circuit limit for Paytm shares after steep volatility was seen on the counter amid the Reserve Bank of India's (RBI) restrictions on the Paytm Payments Bank.

Circuit limits are fixed by stock exchanges to curb excessive movement of the stocks on either side. The stock cannot fall below the lower limit or rise above the upper limit.

Bharat Dynamics, Aether Industries, Hindustan Zinc, and Cochin Shipyard were some other stocks, whose price bands were also revised by the exchange.

In another development, Paytm's share of the unified payments interface (UPI) market in the country declined for a fourth straight month.

As per data released by the National Payments Corporation of India, Paytm accounted for 8.1% of total UPI transactions in May this year, down from 13% in January 2024.

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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Indian Share Market Update: Top Gainers and Losers