New Delhi | June 3, 2024 | 09:00 IST
By: Ankit Shukla @codewithindia-com
Table of Contents
GIFT Nifty Points to Record Highs for Sensex and Nifty 50
Stock Market Live: Today, the GIFT Nifty is indicating a strong start for Indian frontline indices, Sensex and Nifty 50. Trading at 850.50 points, which is 3.75% higher at 23,538.50, it suggests a gap-up opening.
Analysts note that this week’s trading in the equity market will be heavily influenced by two major events: the general election results on June 4 and the RBI’s interest rate decision on June 7.
Key Points to Note:
- General Election Results:
- Exit polls predict that Prime Minister Narendra Modi will secure a third term.
- The NDA (National Democratic Alliance) is expected to win between 350-401 seats.
- RBI Interest Rate Decision:
- The decision will be announced by Governor Shaktikanta Das on June 7.
Analysts’ Insights:
- V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
- The exit polls’ clear prediction of an NDA victory is alleviating market anxieties.
- This optimism is anticipated to spark a substantial market rally.
- Santosh Meena, Head of Research at Swastika Investmart Ltd:
- The market is cautiously optimistic ahead of the election results.
- Positive exit polls might lead to a rally, while unexpected results could trigger a market dip.
Market Performance Overview:
- US Stock Futures:
- Dow Jones Industrial Average rose by 574.84 points to 38,686.62.
- NASDAQ Composite fell slightly, closing at 16,735.01.
- Wall Street Performance in May:
- The Nasdaq Composite had its best month since November 2023, rising by 6.9%.
Stay tuned for more live updates as the day progresses and the markets react to these significant events.
Image Caption:
GIFT Nifty indicates a positive opening for Sensex and Nifty 50 (File Image)
-With inputs from PTI