Sensex settled 76 points, or 0.10 per cent, higher at 73,961.31. The Nifty 50 closed 42 points, or 0.19 per cent, up at 22,530.70.
Attention shifted to the final phase of General Election 2024 on June 1, followed by exit poll results. Vote counting begins on June 4, with results expected later that day.
Recent market pressure stems from election-related nervousness, amplified by foreign institutional investors’ capital outflows, mixed global cues, dim rate cut expectations, and geopolitical concerns.
Impact on the stock market
Nifty Realty, Metal, and PSU Bank indices surged by 2.34%, 1.87%, and 1.28%, respectively. Nifty Bank and Private Bank indices rose by 0.62% and 0.50%, respectively.
However, Nifty Media and IT indices plummeted by 1.39% and 1.28%, respectively.
| Sector/Index | Performance |
| Information Technology | -1.28% |
| Healthcare | -1.06% |
| Oil & Gas | +0.74% |
| Realty | +2.34% |
| PSU Banks | +1.28% |
Top gainers today
| Company | Price | Change (%) |
| Adani Enterprises | 3,411.35 | +6.80% |
| Adani Ports | 1,437.40 | +3.90% |
| Shriram Finance | 2,354.05 | +2.23% |
| Coal India | 491.20 | +1.88% |
| Tata Steel | 167.20 | +1.86% |
Top losers today
| Company | Price | Change (%) |
| Divis Labs | 4,307.20 | -2.39% |
| Nestle | 2,354.90 | -2.08% |
| TCS | 3,670.95 | -1.74% |
| Maruti Suzuki | 12,399.30 | -1.58% |
| LTIMindtree | 4,701.90 | -1.49% |
Market aftermath: Impact on stocks
Adani Group stocks surge up to 13% amid market optimism
On May 31, Adani Group stocks surged significantly, with Adani Enterprises up over 7%, Adani Power climbing 13%, and Adani Total Gas rising 10%. Adani Green Energy, Adani Ports & SEZ, and other group shares also saw gains.
Collectively, Adani Group stocks gained ₹84,283 crore in market capitalisation. This rise followed the re-election of India’s incumbent government. However, concerns surfaced regarding Adani Green Energy’s growth targets and financial stability, prompting initial stock declines before a partial recovery.
Bharat Rasayan shares surge 17% on strong Q4 results
Bharat Rasayan shares surged 17% to a 52-week high after robust Q4 results, with net profit up 220% to ₹67.1 crore and revenue at ₹309.6 crore. Year-to-date, shares climbed 16%, while one-year growth stood at nearly 6%.
The stock peaked at ₹10,799 on NSE and ₹10,736 on BSE before settling at ₹10,430 and ₹10,396, respectively. The company declared a dividend of ₹1.5 per share, with a total market capitalisation of ₹4,325 crore.
PTC Industries soars 11% on strong Q4 earnings
PTC Industries shares surged 11% on robust Q4FY24 earnings, hitting a 3-month high. Q4FY24 total income rose 22.0% YoY to ₹765.0 million, with EBITDA up 37.0% to ₹259.5 million. PAT saw a 59.9% increase to ₹147.2 million.
FY24 total income reached ₹2,702.6 million, with EBITDA at ₹860.5 million and PAT at ₹422.2 million. PTC Industries focuses on sustainable titanium alloy production and strategic material technology expansion.
Crude oil futures dip
Crude oil futures dipped on Friday morning as China’s May manufacturing data revealed a contraction. At 9:16 am, August Brent oil futures stood at $81.65, down 0.28%, while July WTI futures were at $77.59, down 0.41%.
On the MCX, June crude oil futures traded at ₹6469, a 0.29% decrease, with July futures at ₹6459, down 0.32% from the previous close.
Conclusion
In conclusion, May 31, 2024, relieved the Indian stock market as it saw slight gains, breaking a five-session losing streak.
Adani Group stocks surged significantly, while Bharat Rasayan and PTC Industries witnessed substantial boosts following strong Q4 results. However, crude oil futures dipped amidst concerns over China’s manufacturing data.
Stay tuned to StockGro for further market insights and updates!
