Market Records biggest weekly gain in 2024, Sensex Up 1619 Pts

Ira Singh
Khabar Khabaron Ki,07 June’24

The domestic share market indices ended nearly 2 percent higher and also recorded the biggest weekly gain in 2024 on Friday,after 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 close, the Sensex was up 1,618.85 points, or 2.16 percent, at 76,693.36, and the Nifty was up 468.75 points, or 2.05 percent, at 23,290.15. About 2,747 shares advanced, 951 shares declined, and 105 shares unchanged.

Highlights of trade:
●Nifty, Nifty Smallcap recoup all of June 4,
●Sensex, Nifty rise nearly 2% each,
●Nifty IT index rises 2%; Wipro top gainer,
●HDFC AMC declares dividend of Rs 70/share,
●RBI Outcome: GDP for FY25 is projected at 7.2%
MPC keeps repo rate unchanged at 6.5%,
●Kotak Institutional Equities has a buy rating on Indigo,
●Morgan Stanley maintains an underweight rating on Wipro

M&M, Wipro, Tech Mahindra, Infosys and UltraTech Cement were the top gainers on the Nifty, while losers included SBI Life Insurance and Tata Consumer Products.

On the sectoral front,all the sectoral indices ended in the green with auto, IT, power, telecom, metal up 2-3 percent.The BSE midcap index gained 1.2 percent while the smallcap index rose 2 percent.

Rupee Close:
On 07 June’24,the Indian rupee appreciated 9 paise to close at 83.38 against the US dollar on Friday,in line with a firm trend in domestic equity markets after the Reserve Bank kept the key policy rate unchanged.

A weak American currency against major crosses overseas and lower crude prices in international markets also supported the local currency, forex traders said. However, foreign fund outflows restricted the upward movement in the rupee, they added.

Trading Guide:
Despite Domestic Institutional Investors (DIIs) absorbing the Foreign Institutional Investors (FIIs) selling pressure on Indian equities, the stretched valuations of the domestic market remain a concern, market experts said.

Investors are also awaiting the ministry allocations set to take place over the weekend. While some believe that the BJP’s majority influence will make ministry allocations a non-issue, Gaurang Shah,Head Investment strategist of Geojit Financial Services highlighted that the demands from alliance partners could make the markets uneasy.”We’ll have more clarity on June 9. After that, the market will start focusing on the monsoon, Q1 FY25 earnings, GDP growth, GST collection, and flows,” Shah said.

Market Experts have recommended buying these five buy or sell stocks- VA Tech Wabag, Infosys, SBI, BHEL, and Bandhan Bank