Stock Market opens at record High. PSU stocks & Adani stocks uproar!
On Monday (3 June.2024) the Indian Stock market opens at record high. Nifty opens above 23,300 , Banknifty opens above 50,800 ,whereas Sensex opens above 76,700. These were the lifetime highs of each of the Indices. Meanwhile the INDIAVIX crashed by 18%. A rising India Vix was raising concern to investors . Since May the INDIAVIX rose by 95% which rose concern among investors.
Key Factors uplifting the markets –
1)Almost all exit polls favor the incumbent BJP, which is poised to win a third consecutive term. Bulls are celebrating the anticipated policy continuity and future reforms.
2)India’s GDP surpassed estimates, growing at 8.2% in FY24 and 7.8% in Q4.
3)The Dow Jones rallied 1.5% in Friday’s session. Market participants were relieved by the US PCE report, which showed no acceleration in inflation, raising hopes for policy rate cuts.
4)This year, the monsoon has arrived earlier than expected.
5)GST collections soared 10% year-on-year to ₹1.73 lakh crore in May.
Stocks Uplifting the market :
Since the Exit poll results , investors were focusing on PSU Stocks and stocks of Adani Group.
Adani Ports is one stock which is being recommended by most of the Brokers for long-term. Since the pre-open session, each of the Adani stocks were up by atleast 8% while each of the PSU stocks was Up by an average of 5% . Currently the Adani PORTS is trading above 11% from the previous day’s close while , Adani Total Gas is trading above 8%, Adani Power is trading above 15.5% , Adani Enterprise is trading above 7% from the previous day’s close.
Sure, here’s the updated table including Adani Wilmar:
| Company | % Gain |
|---|---|
| Adani Ports | 11.00 |
| Adani Total Gas | 8.00 |
| Adani Power | 15.50 |
| Adani Enterprise | 7.00 |
| Adani Wilmar | 5.00 |
While PSU stocks :
| Company | % Gain |
|---|---|
| Power Finance | 10.53 |
| REC | 10.22 |
| Power Grid Corp | 9.95 |
| Bank of Baroda | 8.70 |
| State Bank of India | 8.00 |
| Bharat Electronics | 8.00 |