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POST-MARKET REPORT
Indian benchmark indices soared on Wednesday towards the path to recovery, after two key NDA allies, the JD (U) and TDP, reiterated their support to the single largest party BJP in the incoming parliament to form the government.
At close, Sensex ended at 74,382.24, up by 2,303.19 points, or 3.20% while Nifty closed at 22,620.35, up 735.85 points, or 3.36%.
Gainers and Losers on Nifty: All of the stocks on the 50-stock Nifty 50 were trading in the green, with IndusInd Bank, Adani Ports & SEZ, Hero MotoCorp, Mahindra & Mahindra and Tata Steel emerging as the top gainers.
Gainers and Losers on Sensex: All the stocks on the 30-stock BSE Sensex were trading in green, with IndusInd Bank, Tata Steel, Mahindra & Mahindra, and Bajaj Finance, emerging as the top gainers.
Sector Indices today: All the sectoral indices were trading in the green, having gained between 2.3% to 5.8%. The Bank, Auto, Financial Services, FMCG, and Metal indices had gained more than 4% each.
Broader market indices today: The broader market was up, with the BSE MidCap index gaining 4.48% and the BSE SmallCap index climbing 2.93%.
STOCKS TODAY
Tata Motors: Shares of Tata Motors Limited closed 3 percent to Rs 928 apiece on June 5 following strong sales from its British subsidiary Jaguar Land Rover (JLR) for May. The luxury car maker’s sales for the month increased by 29 percent year-on-year, reaching 6,093 units as compared to 4,732 units sold in May last year.
Nazara Tech: Shares of Nazara Technologies Limited climbed 6 percent to trade at Rs 723 in the morning on June 5 after the company announced that its subsidiary Absolute Sports will acquire all the assets of SoapCentral.com, a US entertainment content destination, for Rs 11.6 crore in an all-cash deal. The acquisition boosts Absolute Sports’ presence in the entertainment publishing sector in the US. The company also operates a pop culture destination SK Pop, that provides news and trends related to K-POP (Korean Pop) and Korean media.
Bharat Electronics: CLSA downgraded Bharat Electronics to ‘outperform’ from ‘buy’. However, it bumped up its target price to Rs 294 from Rs 207 earlier. This indicates an upside potential of 15 percent. The brokerage maintained its outperform call on HAL, with a target price of around Rs 4,731 per share.
Mazagon Dock: Shares of Mazagon Dock gained over 4 percent on June 5 even as other defence PSU stocks fell up to 10 percent. The multi-bagger stock is rallying despite analysts suggesting caution against investing in PSUs following the surprising election outcome.
Hindalco: Shares of Hindalco Limited slumped, extending losses for the second trading session in a row after its US subsidiary Novelis Inc. decided to postpone its initial public offering (IPO) for now. The company said Novelis will continue to evaluate the timing for the public offer in the future.
Angel One: Shares of Angel One surged over 6 percent to Rs 2,406 per share on June 5 after the company shared a strong monthly business update. The broking firm’s client base increased significantly by 63.3 percent year-on-year (YoY) in May 2024 to 23.8 million from 14.5 million. So far this year, Angel One declined over 33 percent, underperforming the 3 percent rise in the benchmark Nifty 50 index.