Benchmark equity indices Nifty50 and Sensex recovered today (June 5) after their worst day in over four years in the previous session as Prime Minister Narendra Modi’s BJP secured lesser seats in the Lok Sabha election results. BSE Sensex was trading over 1,400 points higher at 73,500 while Nifty topped 22,350 points.
Bharatiya Janata Party (BJP) won 240 seats and fell short of the 272 seats needed for a simple majority in the Lok Sabha, as per the Election Commission. Owing to this, NSE Nifty 50 and S&P BSE Sensex closed nearly 6% lower each on Tuesday.
Stocks that opened higher/ lower today
From Sensex, HUL, Nestle India, HCL Tech, Asian Paints, Kotak Mahindra Bank, and ITC opened higher. Power Grid, L&T, NTPC, SBI, and Bharti Airtel opened lower today. Adani Group stocks remained under pressure and fell 12% today after plunging on June 4.
Which sectors are doing better?
On the sectoral front, Nifty FMCG surged 3% owing to HUL, Marico, and Dabur India stocks. Nifty Auto, IT, Media, Pharma, and Healthcare opened over 1% higher each.
What about global markets?
Asian stocks rose today while dollar was steady as investors expect an interest rate cut in September from the Federal Reserve ahead of a payrolls report this week. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.24%, Nikkei fell 1%, China stocks were mixed and Hong Kong’s Hang Seng index rose 1%.
What about FIIs and DIIs?
Foreign institutional investors (FIIs) sold 12,436 crore worth of Indian shares on Tuesday and domestic institutional investors sold equities worth ₹3,219 crore on the same day.
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