Sensex Surges Over 740 Points, Nifty Reclaims 25,000 Mark As Headline Indices Extend Gains For Third Straight Day

Share Market News: Stock market ended the week on a strong note on June 6 as the Sensex and Nifty closed in the green zone. The Sensex ended at 82,188.99 up by 746.95 points or 0.92 per cent. The Nifty also rallied1.02 per cent or 252.15 points to close at 25,003.05 levels.

Shriram Finance, Bajaj Finance And JSW Steel Emerge As Top Gainers

Shriram Finance, Bajaj Finance, and JSW Steel shares emerged as the top gainers among Nifty 50 stocks as they finished the session higher by 5.46 per cent. Shares of four companies bucked the trend to close lower; these included HDFC Life Insurance, Bharat Electronics Ltd, Bharti Airtel Ltd and Sun Pharma. Notably, the stocks closed lower by as much as 0.87 per cent. Forty-six constituents of the index ended the session in green, while four stocks ended the session in red.

Nifty Metal and Nifty Realty Gain

Following the Reserve Bank of India’s 50 basis points rate cut the Nifty Metal and the Nifty Realty index ended the session higher by 4.68 per cent. The broader market indices also closed higher as the Nifty SmallCap 100, and the Nifty MidCap 100 ended the session higher by up to 1.21 per cent.

Global Markets on June 6

Wall Street indices ended the session mixed as the Nasdaq Composite and the S&P 500 closed the session in the red, down by as much as 0.83 per cent. However, the Dow Jones Industrial Average closed the session in the green by 132.21 points or 0.31 per cent at 42,451.95. At the time of writing, the European indices, such as the FTSE 100, traded higher by 1.34 points 0.02 per cent at 8,812.38. On the other hand, CAC 40 and the DAX Performance Index traded lower by as much as 0.2 per cent. Asian markets also traded mixed on June 6 as the Nikkei 225, Shanghai Composite and the Straits Times traded higher by as much as 0.5 per cent. On the other hand, the Hang Seng index pared 114.43 points or 0.48 per cent at the time of writing.

Primary Market Action

The Ganga Bath Fittings IPO’s subscription window closed on June 6. On the other hand the shares of 3B Films Ltd listed on the exchanges at a discount of 3 per cent from its issue price of Rs 50. The stock made its debut on the BSE SME platform at Rs 48.50 apiece.

Market Cues

The Reserve Bank of India announced the outcome of its three-day Monetary Policy Committee meeting. RBI Governor Sanjay Malhotra announced the MPC’s decision to slash the benchmark lending rate by 50 basis points. D-street is expected to factor in the effect of the rate cut in the upcoming sessions.