Stock Market Today Live Updates: GIFT Nifty indicates gap-up opening for Sensex, Nifty

Jun 3, 2024

nifty 50, Share Market Today Live Updates: GIFT Nifty indicates gap-up opening for Sensex, Nifty (File Image)

Stock Market Live: Indicating a strong of Indian frontline indices, GIFT Nifty is trading at 659.00 points, or 2.90 per cent higher at 23,348.00.

As per analysts, trading in the equity market will largely depend on two major events this week, the general elections result to be announced on June 4 and the RBI interest rate decision that will be announced by Governor Das on June 7.

Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with NJP-led NDA winning anywhere between 350-401 seats.

“Exit polls results, which indicate clear victory for the NDA with around 360 seats completely removes the so-called election jitters which have been weighing on markets in May. This comes as a shot in the arm for the bulls who will trigger a big rally in the market on Monday,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

As per him, the bulls will be further emboldened by the better-than-expected 8.2 per cent growth in GDP numbers for FY24.

“All eyes are now on the most significant event of the past five years — the outcome of the Lok Sabha elections, scheduled for Tuesday. Before that, market participants will react to the exit polls on Monday.

“The market is approaching the event with caution, and the positive surprise from exit polls can lead to a rally as majority of the exit polls are giving 350+ seats to the NDA. Conversely, a negative surprise from actual results might trigger a knee-jerk reaction in the market,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

-With inputs from PTI

First uploaded on: 03-06-2024 at 07:21 IST