Stock Markets Gain 3% as Political Stability Returns

by IANS |

Mumbai, June 8 (IANS) In a week full of political surprises, the Indian Indices saw high volatility but ended up gaining more than 3 per cent, buoyed by Prime Minister Narendra Modi’s return for the record third term and RBI’s monetary policy announcements.


The BSE Sensex hit a fresh all-time high of 76,795.31 while the Nifty reached a record high of 23,338.70.


On Friday, the Sensex surged 2,732 points or 3.69 per cent to close at 76,693.36. On the other hand, Nifty went up 759 points or 3.37 per cent to end at 23,290.


The investors’ losses prior to the new government’s formation moves were almost recovered in just three trading sessions, at more than Rs 28 lakh crore.


The BSE Small-cap index surged 3 per cent and Mid-cap Index also went up 3 per cent during the week. The large-cap Index saw 3 per cent rise.


The foreign institutional investors (FIIs) sold equities worth Rs 13,718.42 crore.


On the other hand, domestic institutional investors (DIIs) bought equities worth Rs 5,578.71 crore.


According to market experts, the Nifty moved up significantly after a flat closing in the previous trading session.


Going forward, the market remains a buy on dips as long as 23,000 is not broken.


“On the higher end, the index might move towards 23500-23600. On the lower end, profit booking might occur only below 23000,” said Rupak De, senior technical analyst, LKP Securities.


Bank Nifty has also shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart.


It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support, said experts.


The rupee also traded strong, appreciating by Rs 0.11 to close at 83.40 against the dollar.


This strength is attributed to ongoing capital market gains and a continued buying spree following the general election, with the market showing confidence in the NDA 3.0 government maintaining economic stability, the experts noted.

Latest News
How clinical and meticulous planning, execution got India its second U19 Women's T20 WC title Sat, Feb 08, 2025, 03:14 PM
We humbly accept people's verdict: Kejriwal concedes defeat, congratulates BJP Sat, Feb 08, 2025, 03:09 PM
Alex Carey breaks Gilchrist's record with historic 156 in Galle Sat, Feb 08, 2025, 02:51 PM
Mpox deaths in Africa exceed 100 since beginning of 2025 Sat, Feb 08, 2025, 02:45 PM
What to say on Kejriwal's doom: Gaurav Bhatia on AAP's setback in Delhi polls Sat, Feb 08, 2025, 02:36 PM
RBI hints further steps to ensure liquidity, US tariff uncertainties to cool off soon Sat, Feb 08, 2025, 02:31 PM
Zambian President vows commitment to peace efforts in CongoZambian President vows commitment to peace efforts in Congo Sat, Feb 08, 2025, 02:18 PM
Kejriwal's 'greed for money', reason behind AAP setback in Delhi polls: Anna Hazare Sat, Feb 08, 2025, 12:39 PM
Indian origin man gets up to 25 years in drunk driving crash killing 2 teens Sat, Feb 08, 2025, 12:34 PM
Negotiating with US will not solve Iran's problems: Khamenei Sat, Feb 08, 2025, 12:27 PM
Bangar advises Rohit Sharma to 'keep it simple' amid prolonged lean patch Sat, Feb 08, 2025, 12:21 PM
Team India arrive in Cuttack ahead of 2nd ODI against England Sat, Feb 08, 2025, 12:18 PM
Trump cancels Biden clearance for classified briefings Sat, Feb 08, 2025, 12:16 PM
Another Cong decimation on cards, trends show party heading for duck again Sat, Feb 08, 2025, 12:07 PM
Pall of gloom at AAP office after EC trends indicate BJP well above majority mark Sat, Feb 08, 2025, 11:56 AM