Stock market today: Sensex, Nifty 50 extend gains into 2nd consecutive session; investors earn nearly ₹8 lakh crore

The stock market saw a bewildering selloff on June 4, spooked by the Lok Sabha election outcome, which showed that the BJP failed to secure the majority mark on its own, and the ruling coalition NDA secured only a narrow victory.

However, in the subsequent session on June 5, the stock market rebounded sharply as investors digested election results and shifted focus on the strong macro fundamentals.

On Thursday, June 6, Nifty 50 closed at 22,821.40, up 201 points, or 0.89 per cent, while the Sensex ended 692 points, or 0.93 per cent, higher at 75,074.51.

Mid and smallcap segments saw even bigger gains. The BSE Midcap index rose 2.28 per cent, while the BSE Smallcap index jumped 3.06 per cent.

Market participants now await the RBI MPC policy outcome on June 7. Even though the central bank is expected to maintain a status quo on rates and policy stance, governor Shaktikanta Das’ comments on growth and inflation will be key points to focus on. 

Read more: RBI MPC meet underway: Central bank likely to keep repo rate steady; 4 crucial reasons why

The overall market capitalisation of the firms listed on the BSE rose to nearly ₹416.3 lakh crore from nearly ₹408.1 lakh crore in the previous session, making investors richer by over ₹8 lakh crore in a single session.

Over 100 stocks, including Bajaj Auto, TVS Motor Company and United Spirits, hit their fresh 52-week highs in intraday trade on BSE.

(More to come

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Published: 06 Jun 2024, 03:32 PM IST