look news india
Mumbai: With the completion of four phases of Lok Sabha elections, the positive factor of increasing voting percentage and the positive statement of Union Home and Cooperation Minister Amit Shah yesterday is arresting the market fall and giving the necessary booster dose after seeing a rapid recovery. Following yesterday's lows, local funds again made aggressive buying today, giving a boost to Indian stock markets. However, selling in foreign fund stocks continued. Funds with short covering in frontline-heavyweight stocks of capital goods as well as metal-mining, automobile, consumer durables, oil-gas, power stocks gained.
The market again gained momentum due to the expectation of NDA getting more than 400 seats.
Against a mixed trend with uncertainty in global markets, India is confident of crossing the NDA's target of 400 in the Lok Sabha elections and the Home Minister's statement that a stable government is again going to be formed at the Centre. Prime Minister Narendra Modi's leadership on June 4 had a positive impact. Sensex again touched 73000 level and finally closed at 73104.61, up 328.48 points. While Nifty 50 spot closed at 22217.85 with an increase of 113.80 points. Reliance, Mahindra, Larsen, JSW Steel, NTPC, Sun Pharma, State Bank, Maruti Suzuki, UltraTech Cement were major gainers.
Rail development, Timken, Bosch, Mahindra, TVS Motors boom
Due to the rise in capital goods shares today, BSE Capital Goods Index increased by 1302.84 points and closed at 63107.88. Larsen & Toubro rose by 2.54 percent, Rail Vikas Nigam by 7.10 percent, Teamcan by 6.52 percent, Hindustan Aeronautics by 3.86 percent, CG Power by 3.85 percent, Suzlon NG by 3.05 percent. Among auto stocks, Bosch rose by 3.92 per cent, Mahindra & Mahindra by 3.76 per cent, TVS Motor by 3.21 per cent and Hero MotoCorp by 3.15 per cent. BSE Auto Index closed 823.02 points higher at 52046.84.
Metal stocks got a boost from China's recovery
Funds were also buying metal-mining stocks as China's export data improved and continued improvement. SAIL rose by 4.90 percent, Vedanta by 4.64 percent, Jindal Stainless by 4.51 percent, Jindal Steel by 4.33 percent, NMDC by 3.52 percent. BSE Metal Index closed 679.08 points higher at 31601.84.
Sale of Rs 4065 crore by FPI/FII
Foreign portfolio investors – FPIs, FIIs witnessed huge net selling of shares worth Rs 4,065.52 crore in cash today on Tuesday. There were sales of Rs 14,053.86 crore against total purchases of Rs 9988.34 crore. While DII-Domestic Institutional Investors made net purchases of shares worth Rs 3527.86 crore in cash today. There were sales of Rs 7927.25 crore against total purchases of Rs 11,455.11 crore.
Investors' wealth increased by Rs 4.49 lakh crore
Due to the attraction of widespread buying in shares today, investors' wealth i.e. market capitalization of BSE listed companies again increased by Rs 4.49 lakh crore, crossing the Rs 400 lakh crore mark and reached Rs 401.90 lakh crore.