Stock Market Review: Opening and Overall Movement
The stock market opened at a lower point compared to the previous day’s closing. However, by 9:19 AM, the market experienced a significant rise. The highest point of the day was recorded around 2:58 PM, with most indices showing positive movement. Information Technology (IT) and automobile stocks performed exceptionally well, while only two stocks in the Nifty 50 recorded losses.
Sector Performance
Top Gainers in NIFTY 50
- M&M: Rs 2,857.45 ▲ 5.84%
- Wipro: Rs 484.55 ▲ 5.11%
- Tech Mahindra: Rs 1,377.60 ▲ 4.57%
- Infosys: Rs 1,533.60 ▲ 4.17%
- UltraTech Cement: Rs 10,463.15 ▲ 4.06%
Top Losers in NIFTY 50
- SBI Life: Rs 1,425.85 ▼ 1.18%
- Tata Consumer Products: Rs 1,135.65 ▼ 0.37%
Global Market Trends
European stock markets experienced a downturn, while Asian markets showed mixed trends. The US markets remained relatively flat.
Key News Highlights
- RBI Decision: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5%, with the inflation projection remaining steady at 4.5% for the current financial year.
- US Job Growth: Job growth in the United States exceeded expectations in May, although the unemployment rate increased to 4% from 3.9% in April.
- China’s Gold Reserves: The Chinese central bank has halted its gold purchases after 18 months.
- Vistara-Air India Merger: The National Company Law Tribunal (NCLT) has approved the merger of Vistara with Air India, to be completed within nine months.
Stock-Specific Updates
- RVNL: Received a Rs 495.14 crore order from NTPC for maintenance work on a barrage complex and a hydroelectric project.
- TCS: Launched its AI platform, WisdomNext, which consolidates multiple generative AI services.
- Tata Chemicals: Subsidiary Tata Chemicals Europe was fined £1.1 million by a UK court for a 2016 safety incident.
- HDFC AMC: Announced an interim dividend of Rs 70 per share, with a record date of June 18.
- Adani Ports: Secured a 5-year contract to operate and maintain a container terminal at Kolkata Port.
- Hero MotoCorp: Invested Rs 124 crore in Ather Energy, gaining a 2.2% shareholding.
Commodity and Currency Updates
One Day Change
- Gold: Rs 71,820 ▼ 1.09%
- Silver: Rs 91,440 ▲ 0.05%
- USD-INR: Rs 83.47/USD ▲ 0.12%
- Dow Jones: 38,886.17 ▲ 0.20%
- Nasdaq: 17,173.12 ▼ 0.09%
Long Term Returns (Past 20 Years)
- Sensex: ▲ 14.58% per annum
- Nifty: ▲ 14.42% per annum
- Dow Jones: ▲ 6.90% per annum
- Nasdaq: ▲ 11.41% per annum
This summary provides a concise overview of the stock market’s performance and key events from yesterday, highlighting significant gains and losses, as well as important economic news and stock-specific developments.