The Sensex and Nifty 50 rose nearly 1% each. The Nifty 50 closed at 22,821.40, up 201 points (0.89%), while the Sensex ended at 75,074.51, up 692 points (0.93%).
The rebound followed a significant selloff on June 4, triggered by the BJP’s failure to secure a majority. Investors shifted focus on strong macro fundamentals, anticipating political stability.
Attention now turns to the RBI MPC policy outcome on June 7, with expectations of a status quo on rates, while Governor Shaktikanta Das’ remarks on growth and inflation remain crucial.
Impact on the stock market
Except for Nifty FMCG (down 0.34%), Pharma (down 0.25%), Healthcare (down 0.08%), and Private Bank (down 0.03%), all sectoral indices ended with gains.
Nifty Realty surged 4.69%, followed by Media (up 3.68%), PSU Bank (up 2.92%), IT (up 2.83%), and Oil & Gas (up 2.37%). Nifty Bank gained 0.48%.
| Sector/Index | Performance |
| Information Technology | 2.83% |
| Healthcare | -0.08% |
| Oil & Gas | 2.37% |
| Realty | 4.69% |
| PSU Banks | 2.92% |
Top gainers today
| Company | Price | Change (%) |
| HCL Tech share price | 1,397.50 | +4.00% |
| Tech Mahindra share price | 1,317.45 | +3.99% |
| SBI Life Insurance share price | 1,442.85 | +3.79% |
| Shriram Finance share price | 2,474.80 | +3.66% |
| SBI share price | 816.95 | +3.44% |
Top losers today
| Company | Price | Change (%) |
| Hindalco share price | 677.50 | -2.55% |
| Hero Motocorp share price | 5,534.25 | -2.20% |
| HUL share price | 2,549.60 | -2.04% |
| Asian Paints share price | 2,904.80 | -1.92% |
| Nestle share price | 2,471.40 | -1.53% |
Market aftermath: Impact on stocks
Heritage foods soars 49% in four days
Shares of Heritage Foods Ltd, founded by TDP leader Chandrababu Naidu, surged 49% over four days, hitting a 52-week high of ₹601.15 on June 6. This rally follows TDP’s decisive win in the Andhra Pradesh Assembly polls.
The Naidu family holds a 41.3% stake in Heritage Foods. The company’s Q4 2023-24 revenue rose 16.3% YoY to ₹950 crore, with net profit up 126% to ₹40.5 crore. Heritage Foods’ annual turnover was ₹3,209 crore in 2022-23.
Uno Minda shares soar 18% to 52-week high ahead of dividend
Uno Minda shares surged 18% to a 52-week high of ₹1,016 on Thursday, ahead of the June 7 ex-date for a ₹1.35 per share dividend. The stock later traded at ₹986.50, up 14.5%. Shares have rallied 33% since the dividend announcement and strong financial results.
Uno Minda’s partnership with Suzhou Inovance Automotive to produce high-voltage EV products in India strengthens its market position. The company reported a 31% rise in Q4 revenue to ₹3,794 crore and a 47% increase in profit to ₹269 crore.
Century Textiles soars 13%
Century Textiles shares surged 13% after its subsidiary, Birla Estates, announced a joint venture with Barmalt India to develop a 13.27-acre land parcel in Gurugram. The project in Sector 31 has a development potential of approximately 2.4 million square feet and is expected to generate revenue of ₹5,000 crore.
Century Textiles’ shares have risen nearly 63% year-to-date and 162% over the past year. For FY24, the company reported a 77% decline in net profit to ₹60 crore.
Crude oil futures climb
Crude oil futures rose Thursday morning, hoping for a September US Federal Reserve rate cut. At 9:09 am, August Brent futures were up 0.40% to $78.72, and July WTI futures increased 0.54% to $74.47.
On the Multi Commodity Exchange (MCX), June futures traded at ₹6218, up 0.45% from ₹6190, and July futures were at ₹6218, up 0.39% from ₹6194.
Conclusion
In summary, June 6, 2024, marked a stable day for the Indian stock market following recent political developments. With both Sensex and Nifty 50 showing nearly 1% gains, investor sentiment improved amidst expectations of continued macroeconomic strength.
Exciting stock movements included Heritage Foods’ surge after TDP’s victory and Uno Minda’s rise ahead of the dividend. As markets await RBI’s policy outcome, optimism prevails, shaping the market’s trajectory.
Stay tuned to StockGro for further updates!
