The Sensex peaked at 76,795.31 before closing 1,619 points higher at 76,693.36, marking a 2.16% increase, while the Nifty 50 surged 469 points to 23,290.15, up by 2.05%.
Concurrently, the overall market capitalisation of BSE-listed firms soared from nearly ₹415.9 lakh crore to about ₹423.4 lakh crore, indicating a wealth gain of approximately ₹7.5 lakh crore in a single session.
Impact on the stock market
All the sectoral indices ended in the green, with auto, IT, power, telecom, and metal up 2-3 per cent.
| Sector/Index | Performance |
| Information Technology | +3.37% |
| Healthcare | +1.52% |
| Oil & Gas | +2.10% |
| Realty | +2.08% |
| PSU Banks | +1.23% |
Top gainers today
| Company | Price | Change (%) |
| M&M share price | 2,857.45 | +5.84% |
| Wipro share price | 484.55 | +5.11% |
| Tech Mahindra share price | 1,377.60 | +4.57% |
| Infosys share price | 1,533.60 | +4.17% |
| UltraTech Cement share price | 10,463.15 | +4.06% |
Top losers today
| Company | Price | Change (%) |
| SBI Life Insurance share price | 1,425.85 | -1.18% |
| TATA Cons. Prod share price | 1,135.65 | -0.37% |
Market aftermath: Impact on stocks
Zen Technologies shares surge 9%
Zen Technologies shares surged nearly 9% to ₹998 on June 7 after delivering its Zen Anti-Drone System with Hard-Kill (Zen ADS HK) to the Army Air Defence College in Odisha. This delivery marks a significant milestone in bolstering India’s drone defence capabilities.
For the quarter ended March 2024, Zen Technologies’ consolidated revenue rose 47% to ₹141.38 crore, and net profit increased by 61% to ₹37.58 crore. Shares closed 5.88% higher at ₹971 on the NSE.
Mastek shares surge 16% on Nvidia AI partnership announcement
Mastek Ltd shares surged nearly 16% to ₹2,987.9 on June 7 after announcing advancements to its icxPro platform with NVIDIA AI Enterprise. The platform aims to enhance manufacturing, healthcare, and BFSI sectors with AI solutions.
Mastek reported a 20% ROCE in manufacturing, with significant potential in BFSI and healthcare. The icxPro platform, leveraging NVIDIA’s accelerated computing, aims to deliver faster time-to-market and substantial business value. Shares later traded 8.53% higher at ₹2,798.95.
Paytm shares hit 10% upper circuit after filter revision
Paytm shares hit the 10% upper circuit on June 7 after the revised circuit filter to 10% from 5%. The stock rose to ₹381.3 on the NSE, with a market cap of ₹24,242 crore.
Previously, the circuit limit was lowered due to RBI‘s ban on Paytm Payments Bank. Paytm’s UPI market share fell to 8.1% in May 2024 from 13% in January. The company reported a net loss of ₹550.5 crore in Q4 FY24, with revenue falling 2.9% to ₹2,267.1 crore.
Russia considers halting the oil output
Russia may pause or reverse oil output increases if the market weakens. At 9:08 am on Friday, August Brent oil futures rose 0.06% to $79.92, and July WTI futures increased 0.12% to $75.64.
June crude oil futures on the MCX traded at ₹6319, down 0.11% from the previous close of ₹6326, while July futures were at ₹6313, down 0.14% from ₹6322.
Conclusion
In summary, June 7, 2024, marked another historic day for the Indian stock market, with the Sensex and Nifty 50 reaching fresh closing highs.
Positive sentiments were fueled by significant gains in various sectors, particularly technology and defence. The market also reacted to global factors, including Russia’s potential decision regarding oil output.
Stay tuned for more updates on StockGro!
