Stock Market LIVE Updates: GIFT Nifty indicates a firm start; US markets gain, Asia trades mixed

Markets are expected to remain volatile in the short term, even as the NDA-led BJP is set to form the government for the third time, making history. Given the known factors, it’s advisable to allow some time for the markets to stabilize following the unexpected election outcome. Traders and investors should be cautious and consider focusing on defensive and non-government-driven sectors such as FMCG, Telecom, and Pharma stocks.

The upcoming budget and quarterly earnings reports will be crucial events that could influence market movements. FIIs are likely to reconsider their positions, and DII money will be tested in the short term, which is a cause for concern.

Technically, the upside appears limited in the short term, while the downside may develop in phases. The key level to watch is the psychological 21,000 mark; if the market closes below this level, further selling could drive it down to test 20,200.

Reserve Bank of India (RBI) approved the proposed acquisition of 70% shareholding in Kotak Mahindra General Insurance Company Limited by Zurich Insurance Company by way of a combination of primary and secondary acquisitions, for a total consideration of approximately Rs 5,560 crore.

#1 Think long-term; don’t get carried away with the narrative

#2 Election outcome was a shock; but it’s not a crisis like situation for the market

#3 Believe it’s a great buying opportunity

#4 Short-term investors panicked as they thought something has changed for the long term

#5 India is a buy on dips market

#6 Markets will settle down; sector rotation may happen for a while

#7 Development agenda won’t change

#8 Premature to say that pace of reforms will slow down

#9 Stay invested; if you move out you will miss the bus

#10 Defence can correct more but it hasn’t entered the neglected zone

#11 See buying opportunity in consumption, metals & cement

#12 Would wait for the right opportunity to buy PSUs

Tata Motors Finance, a step-down subsidiary of Tata Motors, will be merged with Tata Capital, subject to regulatory approvals including NCLT. Further, the board has approved the incorporation of a wholly-owned subsidiary with the proposed name as TML Commercial Vehicles.

Shares of Ztech India made a weak start on its stock market debut on June 5 after listing at Rs 100, a discount of 9.1 percent over the issue price of Rs 110 on the NSE SME platform. The listing gains miss grey market estimates due to a weak market after the a rather weak performance by BJP-led National Democratic Alliance. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. READ MORE

The Sensex was up 1,003.82 points or 1.39 percent at 73,082.87, and the Nifty was up 334.70 points or 1.53 percent at 22,219.20. About 1698 shares advanced, 1493 shares declined, and 99 shares unchanged.

Top Sectoral Gainers: Pharma, IT, Auto, FMCG

Top Sectoral Losers: Capital Goods, Power, Oil & Gas, realty

BSE Midcap index was up 1.5 percent and Smallcap index rose 0.4 percent.

Garden Reach has entered contract with the Bangladesh Inland Water Transport Authority (BIWTA) for the Procurement of 01 (One) No. Trailing Suction Hopper Dredger (Hopper Capacity 1000 m3 ) with spare parts.

The bank said the board of directors will meet on June 11 to consider long-term fund raising in single/multiple tranches of up to $3 billion through a public offer or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25.