Share Market Today (2nd June 2023): The Sensex closed 0.19% higher at 62,547.11, gaining 118.57 points, while the Nifty ended at 18,534.10, up 0.25%, or 46.35 points. The Bank Nifty gained 147.65 (0.34%) points but closed below 44000.
On June 2, the Indian stock market experienced gains after two consecutive days of losses. The leading indices, the Sensex and Nifty, rose due to positive global cues.
The passing of debt ceiling legislation in the US helped improve investors’ risk appetite, as it averted a default. Furthermore, indications that the US Federal Reserve may not raise interest rates at its next June 13-14 meeting boosted market sentiment.
Index Movement Of The Day
Midcap and small-cap stocks performed better than the benchmark indices. The BSE Midcap index reached a record high of 27,322.22 during the day and closed 0.60% higher at 27,294.10. The Smallcap index hit a 52-week high of 30,969.95 and closed 0.57% higher at 30,885.70.
Most sectoral indices ended in the green, with Nifty Real Estate and Metal being the top gainers. The Nifty PSU Bank, Auto, Media, Healthcare, and Pharma indices also saw significant gains.
Top Stocks Of The Day
Over 200 stocks, including large-cap companies like Tata Motors, Titan, Lupin, DLF, Britannia Industries, Bajaj Auto, Apollo Hospitals, and Indian Hotels Company, achieved fresh 52-week highs during intraday trading.
Among the top gainers on the Nifty were Hindalco, Hero MotoCorp, and Apollo Hospitals, while Adani Enterprises, BPCL, and HDFC Life Insurance were among the top losers.
Commodity Update Today With Currency & Bond
Crude oil prices also rose after the US debt ceiling deal, with Brent crude trading over 1.5% higher, nearing the $76 per barrel mark.
Gold and silver are trading flat, but base metals are surging between 0.7 percent and 2.5 percent.
The Indian rupee strengthened by 11 paise against the dollar, closing at $82.30. The US dollar index shows nothing at all and is at 103.43 now. The US 10-year bond yield is also trading flat at 3.621.
Key Takeaways
Experts have observed that the positive momentum in the Indian market was supported by positive domestic factors and global cues. Strong sales numbers in the auto sector for May and the expectation that the US Federal Reserve will refrain from raising rates have provided reassurance to the equity market.
Overall, the Indian stock market demonstrated resilience and regained momentum. Currently, investors are closely monitoring the upcoming US jobs data for further insight into the Fed’s rate hike plans.
For the next week, the setup for Nifty seems to be quite comfortable, as Nifty somehow managed to close above the 18500 mark. Though Bank Nifty couldn’t close above 44000 on a weekly basis, it will depend on Nifty.
